Official decision concerning those who own gold and silver has arrived
For years, investors have traditionally focused on gold under the mattress or silver in rented safes. With the revolutionary new decision published in the Official Gazette, the financial world is shifting dramatically.
This move by the Ministry of Treasury and Finance breaks all the conventional patterns in the precious metals market and opens the doors to a brand new era for market players and savers.
Transition from Under the Mattress to Blockchain
The physical gold and silver safely kept in the Mint and Borsa Istanbul vaults are transformed into digital precious metals through distributed ledger infrastructure, namely blockchain technology. The gram amounts or bullion in the vaults will gain digital asset status through central clearinghouses. These converted assets can be transferred and traded among members within Borsa Istanbul with the Ministry's approval. So, what does this change mean for investors? It opens the way to conduct transactions on a completely transparent and secure infrastructure without the worries of theft, loss, or physical storage.
Strict Tracking for Refineries and a 1-Month Deadline
The new regulation not only covers transactions on the exchange but also directly regulates gold refineries, the core of the business. The calendar officially starts for refineries required to operate under the Precious Metals Tracking System (KMTS). All businesses that have applied for a license to the Ministry and are under review must apply for registration to the Mint within one month. During the one-month period after registration approval, all remaining standard and stamped precious metals not yet sold will be fully processed into the system, down to the last cent.
Borsa Istanbul Will Clarify the Rules
The application details and registration principles of this major transformation in the market will be fully shaped by regulations prepared by Borsa Istanbul with the Ministry's approval. Moreover, as of the effective date of the communiqué, approval from the Ministry will also be required for any digitalized assets already traded on the exchange. This tracking mechanism, which does not allow forgery or unregistered transactions, will monitor every stage of gold and silver from production to market release down to the tiniest detail.
A Strong Shield Against Unregistered Trade
These steps, taken to prevent unregistered production and undocumented circulation in the metal market, reinforce the confidence environment in the market. With every gram of precious metal minted being recorded, investors will be assured of the assets in their possession, and Turkey's precious metals market will be fully compliant with international standards.
Source: News Center
