DeFi (Decentralized Finance) are protocols that provide financial services on the blockchain without banks and brokerage firms.
DeFi Services
- Exchange (DEX): Uniswap, SushiSwap
- Lending: Aave, Compound
- Liquidity pool (LP)
- Staking
- Yield
- Stablecoin (USDT, USDC, DAI)
Turkish Law Status
- Evaluation is being made within the scope of CMB
- No clear regulation yet
- Some transactions may be considered "securities"
- KVHS regulation does not yet cover DeFi
Tax
- Continuous transaction: commercial farming gain
- One-off: capital gain
- Yield (interest): interest income
- LP yield: controversial
Risks
- Smart contract vulnerabilities (hack)
- Impermanent loss (on LP)
- Rug pull (token value zero)
- Stablecoin depeg (Terra-Luna example)
- Regulatory intervention
KYC/AML
- No traditional KYC in DeFi
- Enforcement under MASAK is controversial
- Some protocols integrate KYC
In Case of Victimization
- It is difficult to identify the contract developer (anonymous)
- KYC if there is a printout on the exchange records
- Complaint to the public prosecutor's office
Practical Recommendations
- Invest in audited protocols
- Be skeptical of promises of high returns
- Wallet security (hardware wallet)
- Make a tax declaration
- Multi-wallet strategy
Web3 and capital market law lawyer recommended.