Digilira is a platform that allows Turkish citizens to convert Turkish Liras (TRY) into crypto currency Turkish Liras (WTRY) and trade with Turkish Liras at Waves DEX. Brand name of digilira comes from "Digital Turkish Lira". The virtual counterpart of real Turkish Liras are always backed on 1:1. Digilira is serving as a gateway for both of them.
STEP BY STEP LAUNCHING A FIAT GATEWAY
1Know The Regulations In Your Country
In Turkey, there are 3 Major Bitcoin Exchanges. New ones are keep founded frequently but to be honest, we don’t know if they can survive or not. No matter how much exchanges take place, digilira has a perfect weapon to deal with centralized exchanges. Waves Platform’s very Decentralized Exchange. It is fast, secure and almost no fees for the trades.
If you have a centralized exchange running in your country then you have huge chance to operate fiat gateway for Waves Platform. You can check their company’s main contract from local trade registry gazette. We are almost sure that they are running their company like Amazon or E-bay. They are just connecting the buyers & sellers and take commissions from both sides. If you are planning to operate as a fiat gateway you can do the same. Your company can work as a middleman for buyers & sellers in the decentralized exchange.
If you did your investigation well then you are ready for the next step.
2A Qualified Team Members
Never forget that your job depends on hot money flow and not only the fiat but also fiat backed cryptocurrency. You absolutely need some qualified team members. To do that you can look for your near close relationships, you can give some of your shares to your team members. It’s up to you. As digilira we have some fail-safe strategies to prevent leaks. If you gather your team then you are ready to found your company.
You know the regulations and you have the right team. Now you are ready to found your company. You can check digilira’s main contract as a guidance. “Our company’s main goal is to create value in the electronic environment, sell, advertise, distribute all kinds of goods and services for electronic commerce purposes for the purpose of electronic commerce in the internet environment in accordance with all applicable laws and regulations. Establishing internet sites in order to carry out these purposes with the purpose of doing business, registering members to these sites, receiving advertisements and makes advertises in these internet sites with or without the company. Importing and Exporting and intermediating in buying and selling business.”
If you found you’re your company then be ready for the new challenges.
4Clarify Things With Authorities
Knock their door and explain what you are going to do. We are quite sure that these regulators would know about blockchain technology. For example, Turkish regulators see digilira in the grey area. Our business is legal but there are no regulations yet. If they want you to become payment company or electronic money institution then you can easily say that your fiat backed cryptocurrency will only be use in the Waves Platforms blockchain and decentralized exchange. If you are planning to become blockchain based payment company and let people pay with your fiat backed cryptocurrency in the restaurants, internet shopping etc. then you will need lots of capital and paperwork.
You can write a letter of application or a petition about your business and let your regulators to investigate your business.
5Deal With Banks, You Will Need Live Account Movements To Integrate Automated Transfers
Get in touch with banks in your country, prepare a document about your business and request to work with them. If you are going to operate a fiat gateway then expect lots of incoming and outgoing transactions. Taking care of these transactions manually could cause delays. Remember that a fast service will attract customers and maintain satisfaction. Ask your banks if they have online web service to track your account movements live. This is the way how we do it in digilira. Whole deposit process is automated and in 5 Minutes we are converting TRY to WTRY and sending to our customer.
6Build A Gateway Web Site And Run Your Fiat Gateway Business
Here comes the most complicated part. You need to build a web site which listens Waves Platform’s blockchain 7/24, collecting required data such as transactions, exchanges. Track your money flow in and out. Compare the database cryptocurrencies and blockchain and maintain equality. But don’t worry. We have already done all of these from the scratch with more than 15K line of codes. If you are ready to operate fiat gateways for Waves Platform we are here to share our experiences and to give consultant services.
Official Turkish Lira gateway for Waves Platform is now giving consulting service for companies which are planning to create a fiat gateway. Please fill the form to find out more
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