Company: BBVXF
Filing Date: 2025-02-21
Form Type: 20-F
Source: 0000842180-25-000010
Chunk: 94

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-02-21
Form: 20-F
Item: Item 4
Chunk 94
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 Leasing, Factoring, Financing and Savings Financing Companies Law No. 6361, payment and electronic money institutions, authorized foreign exchange institutions, asset management companies, capital market institutions, insurance and reinsurance companies and pension companies, could not take into account the difference in profit/loss arising from inflation adjustments in the 2024 and 2025 accounting periods (including the relevant tax periods) in determining their earnings. Therefore, it was inferred that the aforementioned entities could make inflation adjustments in 2024 and 2025 and apply depreciation over the adjusted values. However, the BRSA, within the scope of its decision of December 2024, decided that banks and Financial Leasing, Factoring, Financing, Savings Financing and Asset Management Companies may not apply inflation accounting in 2025.
On June 15, 2024, the Communiqué on the Financial Statements of Companies Applying Inflation Adjustment was published in the Official Gazette dated June 15, 2024. The purpose of the Communiqué is to determine the financial statements to be taken as a basis in relation to the inflation adjustment to be applied in 2023 and subsequent accounting periods. 
On July 2, 2024, the Capital Markets Law was amended to include the following concepts: crypto assets, crypto asset trading platform, crypto asset custody service and crypto asset service providers, as well as the procedures and principles regarding the supervision thereof. While the Capital Markets Board will have the authority to regulate crypto assets, the duties and authorities of other governmental institutions will be preserved. In this regard, the CBRT will be able to regulate crypto assets that are accepted as electronic money within the scope of the payment services and electronic money legislation and the Turkish Ministry of Trade will be able to regulate crypto assets that aim to give access to or represent a product or service. Service providers for both types of assets will be able to obtain an operating license only after the secondary regulations on the activities of such service providers and the transfer and custody of crypto assets enter into force. 
On December 25, 2024, it was stipulated that financial institutions, when establishing business relationships with crypto-asset service providers, and crypto-asset service providers, when establishing business relationships with their customers and conducting other transactions requiring identity verification, must, (i) obtain information, to the extent possible, regarding the source of the assets involved in the transaction and the funds belonging to the customer, (ii) gather information about the purpose of the transaction, and (iii) implement measures to closely monitor the business