{"id":7095,"date":"2022-04-11T06:39:53","date_gmt":"2022-04-11T06:39:53","guid":{"rendered":"https:\/\/virconlegal.com\/ozel-yatirim-araclari-safeler-ve-saftler\/"},"modified":"2025-11-17T09:17:10","modified_gmt":"2025-11-17T09:17:10","slug":"ozel-yatirim-araclari-safeler-ve-saftler","status":"publish","type":"post","link":"https:\/\/virconlegal.com\/tr\/ozel-yatirim-araclari-safeler-ve-saftler\/","title":{"rendered":"\u00d6zel Yat\u0131r\u0131m Ara\u00e7lar\u0131: SAFE&#8217;ler ve SAFT&#8217;ler"},"content":{"rendered":"\n<p>Yat\u0131r\u0131m ara\u00e7lar\u0131, bireylerin veya \u015firketlerin yat\u0131r\u0131m yaparak olumlu getiri veya faiz elde etmeyi ama\u00e7lad\u0131klar\u0131 herhangi bir y\u00f6ntem veya arac\u0131 ifade eder.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img fetchpriority=\"high\" decoding=\"async\" width=\"1024\" height=\"576\" src=\"https:\/\/virconlegal.com\/wp-content\/uploads\/2022\/04\/Revised_1_2_3-1-1024x576.png\" alt=\"\" class=\"wp-image-2032\" srcset=\"https:\/\/virconlegal.com\/wp-content\/uploads\/2022\/04\/Revised_1_2_3-1-1024x576.png 1024w, https:\/\/virconlegal.com\/wp-content\/uploads\/2022\/04\/Revised_1_2_3-1-300x169.png 300w, https:\/\/virconlegal.com\/wp-content\/uploads\/2022\/04\/Revised_1_2_3-1-768x432.png 768w, https:\/\/virconlegal.com\/wp-content\/uploads\/2022\/04\/Revised_1_2_3-1-1536x864.png 1536w, https:\/\/virconlegal.com\/wp-content\/uploads\/2022\/04\/Revised_1_2_3-1.png 1600w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<p>Geli\u015fen ve d\u00f6n\u00fc\u015fen giri\u015fimcilik ekosistemiyle birlikte, farkl\u0131 piyasa ko\u015fullar\u0131na, \u00e7e\u015fitli yat\u0131r\u0131m motivasyonlar\u0131na, belirli finansal hedeflere veya likidite tercihlerine uygun olarak \u00e7e\u015fitli yat\u0131r\u0131m ara\u00e7lar\u0131 sunulmaktad\u0131r. D\u00f6n\u00fc\u015ft\u00fcr\u00fclebilir senetler (convertible notes), SAFE\u2019ler (Simple Agreement for Future Equity) ve SAFT\u2019ler (Simple Agreement for Future Tokens) gibi yeni nesil yat\u0131r\u0131m ara\u00e7lar\u0131, bir\u00e7ok giri\u015fim taraf\u0131ndan farkl\u0131 ama\u00e7larla fon toplamak \u00fczere kullan\u0131lmaktad\u0131r. <\/p>\n\n\n\n<p>Her ne kadar yat\u0131r\u0131m ara\u00e7lar\u0131 esasen ortak\/benzer bir amac\u0131 payla\u015f\u0131yor olsa da, her bir yat\u0131r\u0131m arac\u0131n\u0131n kullan\u0131m alan\u0131n\u0131 tan\u0131mlayan \u015fey, bu ara\u00e7lar\u0131n farkl\u0131 \u00f6zellikleridir. Her bir arac\u0131n giri\u015fim ekosisteminde neyi temsil etti\u011fini daha iyi anlamak i\u00e7in, her bir yat\u0131r\u0131m arac\u0131n\u0131n olu\u015fturulma nedenleri, \u00e7al\u0131\u015fma mekanizmas\u0131, farkl\u0131 senaryolardaki me\u015fruiyeti ve uygulama kapsam\u0131 ayr\u0131nt\u0131l\u0131 olarak tart\u0131\u015f\u0131lmal\u0131d\u0131r. <\/p>\n\n\n\n<h4 class=\"wp-block-heading\" id=\"h-summary\"><strong>\u00d6zet:<\/strong><\/h4>\n\n\n\n<ul class=\"wp-block-list\"><li>SAFE, d\u00f6n\u00fc\u015ft\u00fcr\u00fclebilir senetlerin baz\u0131 sak\u0131ncalar\u0131n\u0131 elimine ederek sermaye art\u0131r\u0131m\u0131 s\u00fcrecini basitle\u015ftirmeyi ama\u00e7lar; bunu da, s\u00f6zle\u015fmenin karma\u015f\u0131k h\u00fck\u00fcmlerinin haz\u0131rlanmas\u0131 ve m\u00fczakere edilmesi i\u00e7in gereken zaman\u0131 ortadan kald\u0131rarak ger\u00e7ekle\u015ftirir.<\/li><li>SAFT adl\u0131 \u00e7er\u00e7eve, bir giri\u015fimin blockchain projesi i\u00e7in mevcut ABD federal menkul k\u0131ymetler yasalar\u0131yla uyumlu bir \u015fekilde finansman elde etmesine olanak tan\u0131makta ve blockchain projesiyle ba\u011flant\u0131l\u0131 olarak olu\u015fturulan utility tokenlar\u0131n\u0131n bir menkul k\u0131ymet tan\u0131m\u0131na girmeden kullan\u0131lmas\u0131na izin vermeyi ama\u00e7l\u0131yor.<\/li><li>Farkl\u0131 yarg\u0131 b\u00f6lgeleri, SAFT&#8217;lerin sat\u0131\u015f\u0131 ve konu olan tokenlerin al\u0131m sat\u0131m\u0131 i\u00e7in farkl\u0131 yasal sonu\u00e7lara sahip olabilir.<\/li><\/ul>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-1-a-simple-alternative-to-convertible-note-the-safe\"><strong>1. D\u00f6n\u00fc\u015ft\u00fcr\u00fclebilir Senetlere &#8216;Basit&#8217; Bir Alternatif: \u201cSAFE\u201d<\/strong><\/h3>\n\n\n\n<p><em>SAFE<\/em> veya<em>&#8220;Simple Agreement for Future Equity<\/em>&#8220;, Silikon Vadisi&#8217;nde Y Combinator taraf\u0131ndan geli\u015ftirilen ve yat\u0131r\u0131mc\u0131lara, \u015firketin birle\u015fmesi\/devral\u0131nmas\u0131, kararla\u015ft\u0131r\u0131lan bir d\u00f6n\u00fc\u015f\u00fcm s\u00fcresi veya genellikle kurumsal bir risk sermayesi fonu taraf\u0131ndan y\u00f6netilen gelecekteki bir \u00f6z sermaye finansman\u0131 <em>(Next Equity Financing veya Qualified Financing olarak bilinir<\/em>) gibi belirli tetikleyici olaylar\u0131n ger\u00e7ekle\u015fmesi halinde, yat\u0131r\u0131lan miktara dayal\u0131 olarak gelecekte bir \u00f6z sermaye hissesi vaat eden bir anla\u015fmad\u0131r.<\/p>\n\n\n\n<p><strong>Geli\u015ftirilme i\u00e7in gerek\u00e7eler<\/strong><\/p>\n\n\n\n<p>SAFE, d\u00f6n\u00fc\u015ft\u00fcr\u00fclebilir senetlerin d\u00f6n\u00fc\u015f\u00fcm s\u00fcresi ve niteli\u011fi bak\u0131m\u0131ndan yaratt\u0131\u011f\u0131 karma\u015f\u0131kl\u0131\u011f\u0131 azaltmak amac\u0131yla geli\u015ftirilmi\u015ftir. En \u00f6nemlisi, giri\u015fimcilerin karma\u015f\u0131k h\u00fck\u00fcmleri uzun uzad\u0131ya m\u00fczakere etmeksizin yat\u0131r\u0131m alabilmelerine yard\u0131mc\u0131 olmak i\u00e7in, d\u00f6n\u00fc\u015ft\u00fcr\u00fclebilir senedin daha basit ve daha k\u0131sa bir versiyonunu olu\u015fturmay\u0131 hedeflemektedir. <\/p>\n\n\n\n<p>Her ne kadar SAFE\u2019ler, d\u00f6n\u00fc\u015ft\u00fcr\u00fclebilir senetlerin bir t\u00fcrevi olarak kabul edilse de, baz\u0131 \u00f6zellikleri bak\u0131m\u0131ndan farkl\u0131l\u0131k g\u00f6sterir. D\u00f6n\u00fc\u015ft\u00fcr\u00fclebilir senetlerin aksine, SAFE bir bor\u00e7 niteli\u011fi ta\u015f\u0131mayan d\u00f6n\u00fc\u015ft\u00fcr\u00fclebilir bir menkul k\u0131ymettir. Bu nedenle, d\u00f6n\u00fc\u015ft\u00fcr\u00fclebilir senetlerin aksine, SAFE\u2019in bir vade tarihi bulunmaz; yani SAFE, bir tetikleyici olay ger\u00e7ekle\u015fene kadar s\u00fcresiz olarak y\u00fcr\u00fcrl\u00fckte kal\u0131r. \u00d6rne\u011fin, e\u011fer tetikleyici olay \u201c\u015firketin devral\u0131nmas\u0131\u201d olarak belirlenmi\u015fse ve \u015firket hi\u00e7bir zaman ba\u015fka bir \u015firket taraf\u0131ndan devral\u0131nmazsa, SAFE\u2019in d\u00f6n\u00fc\u015f\u00fcm\u00fc hi\u00e7bir zaman ger\u00e7ekle\u015fmeyebilir. Ayr\u0131ca, bor\u00e7 niteli\u011fi ta\u015f\u0131mamas\u0131 nedeniyle SAFE faiz i\u015flemez; bu da yat\u0131r\u0131mc\u0131lar\u0131n yaln\u0131zca, SAFE\u2019lerinde yer alan iskonto oran\u0131 ya da de\u011ferleme tavan\u0131 (valuation cap) \u00fczerinden, gelecekteki bir finansman turunda paylar\u0131 indirimli bir fiyattan edinme hakk\u0131na sahip olduklar\u0131 anlam\u0131na gelir.    <\/p>\n\n\n\n<ul class=\"wp-block-list\"><li><strong>\u00c7al\u0131\u015fma mekanizmas\u0131&nbsp;<\/strong><\/li><\/ul>\n\n\n\n<p>SAFE\u2019in imzalanmas\u0131n\u0131n ard\u0131ndan, SAFE sahipleri \u015firkete fon sa\u011flamakla y\u00fck\u00fcml\u00fcd\u00fcr; ancak ortakl\u0131k paylar\u0131n\u0131n devri daha sonraki bir tarihte ger\u00e7ekle\u015fir ve genellikle taraflarca kararla\u015ft\u0131r\u0131lm\u0131\u015f bir tetikleyici olaya ba\u011fl\u0131d\u0131r.<\/p>\n\n\n\n<p>SAFE, yat\u0131r\u0131mc\u0131lara herhangi bir y\u00f6neti\u015fim hakk\u0131 tan\u0131maz ve tipik bir SAFE s\u00f6zle\u015fmesi temett\u00fc \u00f6demelerine ili\u015fkin herhangi bir k\u0131s\u0131tlama i\u00e7ermedi\u011finden, bir giri\u015fim \u015firketi temett\u00fc da\u011f\u0131t\u0131m\u0131n\u0131 SAFE sahiplerini dikkate almaks\u0131z\u0131n ortaklar\u0131na yapabilir; SAFE sahibi ise bu t\u00fcr kararlar\u0131 kontrol edebilecek bir konumda de\u011fildir. Bu nedenle, yat\u0131r\u0131m karar\u0131 vermeden \u00f6nce SAFE\u2019in h\u00fck\u00fcm ve ko\u015fullar\u0131n\u0131n dikkatle incelenmesi b\u00fcy\u00fck \u00f6nem ta\u015f\u0131r. <\/p>\n\n\n\n<p>Yukar\u0131da belirtilen dezavantajlar\u0131n aksine, SAFE\u2019in ba\u015fl\u0131ca avantajlar\u0131ndan biri, hem yat\u0131r\u0131mc\u0131lar\u0131n hem de giri\u015fimlerin \u015firket de\u011ferlemesini, daha fazla veri ve g\u00f6stergeye ula\u015f\u0131labilecek ileri bir tarihe erteleme imk\u00e2n\u0131na sahip olmas\u0131d\u0131r. Bu sayede, giri\u015fim \u015firketi planlad\u0131\u011f\u0131ndan daha fazla pay satmak zorunda kalmadan yat\u0131r\u0131m alabilir.<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li><strong>SAFE&#8217;in Me\u015fruiyeti<\/strong><\/li><\/ul>\n\n\n\n<p>SAFE\u2019in vergisel durumu tamamen net de\u011fildir ve muhtemelen duruma g\u00f6re ayr\u0131 ayr\u0131 de\u011ferlendirilmesi gereken bir konudur. SAFE, b\u00fcy\u00fck olas\u0131l\u0131kla ABD federal menkul k\u0131ymetler mevzuat\u0131 kapsam\u0131nda bir menkul k\u0131ymet olarak de\u011ferlendirilecektir. Bu nedenle, bir giri\u015fim \u015firketi SAFE enstr\u00fcman\u0131n\u0131 (yani \u00f6zel bir yat\u0131r\u0131m arac\u0131n\u0131) yaln\u0131zca belirli gelir veya net servet e\u015fiklerini kar\u015f\u0131layan yat\u0131r\u0131mc\u0131lara, farkl\u0131 yetki alanlar\u0131ndaki yat\u0131r\u0131m tekliflerine kat\u0131labilmeleri i\u00e7in sunabilir ve satabilir. ABD \u00f6rne\u011finde ise, \u00f6zel bir yat\u0131r\u0131m arac\u0131na yat\u0131r\u0131m yapabilmek i\u00e7in \u201cakredite yat\u0131r\u0131mc\u0131\u201d (accredited investor) veya \u201cnitelikli al\u0131c\u0131\u201d (qualified purchaser) gibi \u00e7e\u015fitli yeterlilik seviyeleri bulunmaktad\u0131r.   <\/p>\n\n\n\n<ul class=\"wp-block-list\"><li><strong>Uygulama kapsam\u0131&nbsp;<\/strong><\/li><\/ul>\n\n\n\n<p>SAFE\u2019ler, yat\u0131r\u0131mc\u0131lar\u0131n h\u0131zla b\u00fcy\u00fcyen bir giri\u015fime h\u0131zl\u0131 bir \u015fekilde yat\u0131r\u0131m yapabilmesini sa\u011flamak ve ayn\u0131 zamanda giri\u015fimi, bir hisse senedi ihrac\u0131n\u0131n beraberinde getirebilece\u011fi daha zahmetli m\u00fczakerelerle y\u00fck\u00fcml\u00fc k\u0131lmamak amac\u0131yla tasarlanm\u0131\u015f ve geli\u015ftirilmi\u015ftir. Ayr\u0131ca, tetikleyici olaylardan d\u00f6n\u00fc\u015f\u00fcm ko\u015fullar\u0131na kadar SAFE\u2019in \u00e7e\u015fitli mekanizmalar\u0131, ek sermaye ihtiyac\u0131 duymas\u0131 ve risk sermayesi yat\u0131r\u0131mc\u0131lar\u0131n\u0131 \u00e7ekmesi muhtemel olan h\u0131zl\u0131 b\u00fcy\u00fcyen bir giri\u015fim ba\u011flam\u0131nda en iyi \u015fekilde \u00e7al\u0131\u015facak bi\u00e7imde yap\u0131land\u0131r\u0131lm\u0131\u015ft\u0131r. &nbsp;<\/p>\n\n\n\n<p>SAFE, bir yat\u0131r\u0131mc\u0131n\u0131n daha sonra devral\u0131nma potansiyeli olan h\u0131zl\u0131 b\u00fcy\u00fcyen bir giri\u015fimin kurulu\u015f turuna kat\u0131lma f\u0131rsat\u0131 elde etti\u011fi durumlarda faydal\u0131 olabilir ve her iki taraf da s\u00f6zle\u015fme \u015fartlar\u0131 \u00fczerinde maliyetli m\u00fczakerelerden ka\u00e7\u0131nmak istedi\u011finde tercih edilir. SAFE, ba\u011f\u0131ms\u0131z bir yat\u0131r\u0131m arac\u0131 olsa da, SAFE\u2019e taraf olmadan \u00f6nce \u015firketin sundu\u011fu SAFE\u2019e ili\u015fkin a\u00e7\u0131klamalar\u0131 ve s\u00f6zle\u015fmede yer alan h\u00fck\u00fcm ve ko\u015fullar\u0131 anlamak b\u00fcy\u00fck \u00f6nem ta\u015f\u0131r. <\/p>\n\n\n\n<hr class=\"wp-block-separator\">\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-2-a-simple-framework-that-strives-to-enable-compliant-u-s-token-sales-the-saft\"><strong>2. Uyumlu ABD Token Sat\u0131\u015flar\u0131n\u0131 Etkinle\u015ftirmeye \u00c7al\u0131\u015fan &#8216;Basit&#8217; Bir \u00c7er\u00e7eve: \u201cSAFT\u201d<\/strong><\/h3>\n\n\n\n<p>Blockchain projelerinin katlanarak b\u00fcy\u00fcmesinin ard\u0131ndan, ABD Menkul K\u0131ymetler ve Borsa Komisyonu (SEC) ile Kanada Menkul K\u0131ymet Y\u00f6neticileri\u2019nin (CAS) token ve token arzlar\u0131n\u0131n menkul k\u0131ymet niteli\u011fi ta\u015f\u0131yabilece\u011fine ili\u015fkin g\u00f6r\u00fc\u015fleri do\u011frultusunda, giri\u015fimcilik ekosistemi uyumlu token arzlar\u0131n\u0131 m\u00fcmk\u00fcn k\u0131lacak y\u00f6ntemlere ihtiya\u00e7 duymu\u015ftur.<\/p>\n\n\n\n<p>Yayg\u0131n olarak kullan\u0131lan SAFE arac\u0131ndan&nbsp;<em>SAFT<\/em> veya<em>&#8220;Simple Agreement for Future Tokens<\/em>&#8221; Ekim 2017&#8217;de Protocol Labs, Cooley LLP ve \u00e7ok say\u0131da yat\u0131r\u0131mc\u0131, avukat ve token sahibi (<em>&#8220;SAFT projesi<\/em>&#8221; olarak da bilinir) ile i\u015fbirli\u011fi i\u00e7inde geli\u015ftirilmi\u015ftir. SAFT projesi \u015fu \u015fekilde duyurulmu\u015ftur &nbsp;mevzuata uyumlu yat\u0131r\u0131mlar i\u00e7in standartla\u015ft\u0131r\u0131lm\u0131\u015f ko\u015fullar \u00f6ng\u00f6ren, token ihrac\u0131 yoluyla fonlamaya ili\u015fkin mevcut d\u00fczenleyici sorunlar\u0131 ele almay\u0131 ama\u00e7layan kurallara uygun bir \u00e7er\u00e7evenin <em>geli\u015ftirilmesi<\/em>.&nbsp;<\/p>\n\n\n\n<p>SAFT kapsam\u0131nda, akredite yat\u0131r\u0131mc\u0131lar genellikle indirimli bir fiyat \u00fczerinden, i\u015flevselli\u011fi ilerleyen bir tarihte hayata ge\u00e7irilecek tam anlam\u0131yla \u00e7al\u0131\u015fan fayda tokenlar\u0131n\u0131 edinme hakk\u0131 elde ederken; geli\u015ftiriciler, projelerini hayata ge\u00e7irmek ve yol haritalar\u0131n\u0131 ilerletmek i\u00e7in gerekli fonlar\u0131 temin ederler.<br>Bu y\u00f6n\u00fcyle SAFT\u2019ler birer yat\u0131r\u0131m s\u00f6zle\u015fmesi niteli\u011fi ta\u015f\u0131r ve bu nedenle ABD federal menkul k\u0131ymetler mevzuat\u0131na ve ilgili t\u00fcm d\u00fczenleyici sonu\u00e7lara tabidir. Ancak \u015funu belirtmek \u00f6nemlidir: SAFT&#8217;in kendisi menkul k\u0131ymet d\u00fczenlemelerine tabi olsa da, ili\u015fkili platform tamamland\u0131\u011f\u0131nda yat\u0131r\u0131mc\u0131lara da\u011f\u0131t\u0131lan tokenlar, ikincil piyasada al\u0131n\u0131p sat\u0131labilmeleri ama\u00e7lan\u0131yorsa menkul k\u0131ymet olmamal\u0131d\u0131r. &nbsp;<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li><strong>Geli\u015ftirme i\u00e7in gerek\u00e7eler<\/strong><\/li><\/ul>\n\n\n\n<p>Makalemizde ayr\u0131nt\u0131l\u0131 olarak a\u00e7\u0131kland\u0131\u011f\u0131 \u00fczere&nbsp;<a href=\"https:\/\/vircon.substack.com\/p\/coming-soon?r=1c40og&amp;s=w&amp;utm_campaign=post&amp;utm_medium=web\">ikili token ekonomisinde (dual-token economy)<\/a>, token arzlar\u0131n\u0131n ABD federal menkul k\u0131ymetler yasalar\u0131 kapsam\u0131nda menkul k\u0131ymet arz\u0131 olup olmad\u0131\u011f\u0131 konusunda s\u00fcregelen bir tart\u0131\u015fma vard\u0131r. SAFT yap\u0131s\u0131n\u0131n itici g\u00fcc\u00fc, hangi t\u00fcr tokenlerin menkul k\u0131ymet oldu\u011funu ve hangilerinin olmad\u0131\u011f\u0131n\u0131 belirleyen genel veya a\u00e7\u0131k bir kural\u0131n olmamas\u0131d\u0131r. &nbsp;<\/p>\n\n\n\n<p>SAFT\u2019ler, \u015fu hukuki teoriye dayanmaktad\u0131r: SAFT\u2019in kendisi, kay\u0131t y\u00fck\u00fcml\u00fcl\u00fc\u011f\u00fcnden muaf \u00f6zel bir sat\u0131\u015f yoluyla yat\u0131r\u0131mc\u0131lara sat\u0131lan bir menkul k\u0131ymet olsa da, olu\u015fturulduktan sonra tokenlar\u0131n planlanan kullan\u0131m amac\u0131na ba\u011fl\u0131 olarak menkul k\u0131ymet niteli\u011fi ta\u015f\u0131mamalar\u0131 m\u00fcmk\u00fcnd\u00fcr.&nbsp;<\/p>\n\n\n\n<p>SAFT\u2019in olu\u015fturulmas\u0131ndaki ama\u00e7, token\u2019\u0131n lansman \u00f6ncesinde menkul k\u0131ymet olup olmad\u0131\u011f\u0131n\u0131n belirlenmesinden ayr\u0131\u015ft\u0131r\u0131lmas\u0131yd\u0131. Bu do\u011frultuda, burada esas al\u0131nan hukuki teori, &#8220;k\u00e2r beklentisiyle&#8221; sat\u0131lan\u0131n SAFT oldu\u011fu, temelindeki utility token\u2019\u0131n ise bu nitelikte olmad\u0131\u011f\u0131 y\u00f6n\u00fcndedir. Ancak \u015funu belirtmek gerekir ki, SEC ve baz\u0131 mahkemeler \u00e7e\u015fitli davalarda SAFT\u2019lere konu olan tokenlar\u0131n ba\u015ftan itibaren menkul k\u0131ymet niteli\u011finde oldu\u011funa h\u00fckmetmi\u015ftir. SAFT\u2019ler her ne kadar token sat\u0131\u015flar\u0131 i\u00e7in tasarlanm\u0131\u015f olsa da, baz\u0131 tokenlar a\u00e7\u0131s\u0131ndan en uygun y\u00f6ntem olmayabilir. Bu nedenle, SAFT yoluyla ihra\u00e7 edilmeden \u00f6nce dayanak tokenlar\u0131n dikkatli bir \u015fekilde de\u011ferlendirilmesi b\u00fcy\u00fck \u00f6nem ta\u015f\u0131r.    <\/p>\n\n\n\n<ul class=\"wp-block-list\"><li><strong>\u00c7al\u0131\u015fma mekanizmas\u0131<\/strong><\/li><\/ul>\n\n\n\n<p>SAFT \u00e7er\u00e7evesi, akredite yat\u0131r\u0131mc\u0131lar\u0131n ve di\u011fer yat\u0131r\u0131mc\u0131lar\u0131n token edinmek i\u00e7in bir anla\u015fmaya girmelerine olanak tan\u0131yan bir ara\u00e7 olarak faydal\u0131 olacakt\u0131r; bu sayede yat\u0131r\u0131mc\u0131, ihra\u00e7\u00e7\u0131ya abonelik fonlar\u0131n\u0131n tamam\u0131n\u0131 \u00f6nceden \u00f6der ve ihra\u00e7\u00e7\u0131, a\u011f\u0131n lansman\u0131 s\u0131ras\u0131nda tamamland\u0131ktan sonra tokenleri yat\u0131r\u0131mc\u0131ya da\u011f\u0131tmay\u0131 kabul eder.<\/p>\n\n\n\n<p>SAFEs\u2019te oldu\u011fu gibi, SAFT\u2019ler de bir giri\u015fimin veya projenin geli\u015ftirilmesini finanse etmek amac\u0131yla, yat\u0131r\u0131m olarak akredite yat\u0131r\u0131mc\u0131lara sunulur ve sat\u0131l\u0131r. SAFE ile paralel \u015fekilde, SAFT\u2019te de yat\u0131r\u0131mc\u0131, belirli bir olay\u0131n (<em>genellikle a\u011f\u0131n ba\u015flat\u0131lmas\u0131<\/em>) ger\u00e7ekle\u015fmesi halinde belli say\u0131da token alma hakk\u0131na sahiptir. Ancak, SAFE erken a\u015fama yat\u0131r\u0131mlar kar\u015f\u0131l\u0131\u011f\u0131nda yat\u0131r\u0131mc\u0131ya pay (equity) sunarken; SAFT, geli\u015ftiricinin \u00f6nerdi\u011fi blockchain projesi faaliyete ge\u00e7ti\u011finde yat\u0131r\u0131mc\u0131ya sabit bir fiyattan i\u015flevsel token sa\u011flanaca\u011f\u0131na dair bir taahh\u00fct i\u00e7erir. \u00c7o\u011fu blockchain projesinde, yat\u0131r\u0131mc\u0131ya SAFT sat\u0131n al\u0131m\u0131 kar\u015f\u0131l\u0131\u011f\u0131nda, ilgili kripto para birimi olu\u015fturuldu\u011funda eri\u015fim sa\u011flayaca\u011f\u0131n\u0131 g\u00f6steren belgeler sunulur.   <\/p>\n\n\n\n<p>SAFT, t\u0131pk\u0131 SAFE gibi bor\u00e7 niteli\u011fi ta\u015f\u0131mayan bir finansal enstr\u00fcman oldu\u011fundan, SAFT sat\u0131n alan yat\u0131r\u0131mc\u0131lar, projenin ba\u015far\u0131s\u0131z olmas\u0131 halinde yat\u0131r\u0131mlar\u0131n\u0131 kaybetme ve herhangi bir yasal hak talebinde bulunamama riskiyle kar\u015f\u0131 kar\u015f\u0131yad\u0131r. SAFT, yat\u0131r\u0131mc\u0131lara yaln\u0131zca \u015firkette finansal bir hak tan\u0131r; bu da yat\u0131r\u0131mc\u0131lar\u0131n, bir SAFE sat\u0131n alm\u0131\u015flarsa kar\u015f\u0131la\u015facaklar\u0131 yat\u0131r\u0131m riskleriyle ayn\u0131 t\u00fcrde risklere maruz kald\u0131klar\u0131 anlam\u0131na gelir. <\/p>\n\n\n\n<ul class=\"wp-block-list\"><li><strong>Me\u015fruiyet<\/strong><\/li><\/ul>\n\n\n\n<p>SAFT kapsam\u0131nda, a\u011f faaliyete ge\u00e7ti\u011finde geli\u015ftiriciler tokenlar\u0131 olu\u015fturur ve bunlar\u0131 yat\u0131r\u0131mc\u0131lara teslim eder; yat\u0131r\u0131mc\u0131lar da bu tokenlar\u0131 ikincil piyasada al\u0131m sat\u0131m yaparak k\u00e2r elde etmekte serbesttir. Bu a\u015famada geli\u015ftiriciler, tokenlar\u0131 art\u0131k bir utility token niteli\u011fi ta\u015f\u0131d\u0131\u011f\u0131 i\u00e7in, halka arz (ICO) yoluyla da sat\u0131\u015fa sunabilir. Ancak \u015funu vurgulamak gerekir ki, SAFT\u2019in etkili bir \u015fekilde kullan\u0131labilmesi ve ABD federal menkul k\u0131ymetler mevzuat\u0131na tam uyum sa\u011flayabilmesi i\u00e7in, temel token\u2019\u0131n tam i\u015flevsel bir utility token olmas\u0131 gerekmektedir.  &nbsp;<\/p>\n\n\n\n<p>SEC Komiseri William Hinman\u2019a g\u00f6re, \u201cbir menkul k\u0131ymet arz\u0131 kapsam\u0131nda sunulmu\u015f bir token, ko\u015fullara ba\u011fl\u0131 olarak daha sonra menkul k\u0131ymet olmayan bir i\u015flem kapsam\u0131nda da sunulabilir.\u201d Ancak nihayetinde akredite\/yetkili yat\u0131r\u0131mc\u0131lara teslim edilen tokenlar\u0131n tam i\u015flevsel olmas\u0131 ve bu nedenle ABD federal menkul k\u0131ymetler mevzuat\u0131na g\u00f6re menkul k\u0131ymet say\u0131lmamas\u0131 gerekir. ABD d\u0131\u015f\u0131ndaki yetki alanlar\u0131nda ise, SAFT\u2019lerin veya tokenlar\u0131n yaln\u0131zca akredite yat\u0131r\u0131mc\u0131lara sunulma gereklili\u011fi, ilgili yerel hukuk d\u00fczenine ba\u011fl\u0131 olarak de\u011fi\u015fkenlik g\u00f6sterecektir.  <\/p>\n\n\n\n<p>SAFT \u00e7er\u00e7evesi, halihaz\u0131rda yaln\u0131zca akredite ya da yetkili yat\u0131r\u0131mc\u0131lara sunulabilmektedir. Bu y\u00f6n\u00fcyle, bir ICO\u2019nun aksine, bireysel yat\u0131r\u0131mc\u0131lar\u0131 ya da genel halk\u0131 kapsam d\u0131\u015f\u0131nda b\u0131rak\u0131r. SAFT \u00e7er\u00e7evesi, ABD federal menkul k\u0131ymetler mevzuat\u0131 kapsam\u0131nda geli\u015ftirilmi\u015f olup, bu mevzuat\u0131n d\u00fczenlemelerine ve etkilerine tabidir.  <br><br>Her ne kadar SAFT yoluyla ihra\u00e7 edilen tokenlar genellikle SEC\u2019in menkul k\u0131ymet s\u0131n\u0131fland\u0131rmas\u0131 kapsam\u0131na girmese de, SAFT \u00e7er\u00e7evesinin \u00f6ng\u00f6r\u00fcld\u00fc\u011f\u00fc \u015fekilde i\u015fledi\u011fi hen\u00fcz SEC taraf\u0131ndan resmen teyit edilmemi\u015ftir. SAFT projesinin yarat\u0131c\u0131s\u0131 Marco Santori\u2019ye g\u00f6re, SAFT projesinin ilk beyaz b\u00fclteni, uyumlu bir token sat\u0131\u015f sistemine y\u00f6nelik ilk ad\u0131md\u0131. Ancak bu, SAFT\u2019in bir standart olarak hizmet vermeye haz\u0131r oldu\u011fu anlam\u0131na gelmemektedir.  <\/p>\n\n\n\n<p>Son olarak, SAFT\u2019in vergisel stat\u00fcs\u00fc belirsizli\u011fini korumaktad\u0131r \u2013 vergi otoriteleri, SAFT sat\u0131\u015f\u0131ndan elde edilen geliri d\u00f6n\u00fc\u015f\u00fcm an\u0131nda de\u011fil, sat\u0131\u015f\u0131n ger\u00e7ekle\u015fti\u011fi anda vergilendirilecek gelir olarak de\u011ferlendirebilir. Bu da, d\u00f6n\u00fc\u015f\u00fcm\u00fcn ger\u00e7ekle\u015fti\u011fi y\u0131lda de\u011fil, SAFT\u2019lerin yat\u0131r\u0131mc\u0131lara sat\u0131ld\u0131\u011f\u0131 y\u0131lda (ta\u015f\u0131nmad\u0131\u011f\u0131 s\u00fcrece) gelir vergisi y\u00fck\u00fcml\u00fcl\u00fc\u011f\u00fc do\u011fmas\u0131na neden olabilir.<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li><strong>Uygulama kapsam\u0131<\/strong><\/li><\/ul>\n\n\n\n<p>SAFT fikri, da\u011f\u0131t\u0131k a\u011f platformlar\u0131nda mal veya hizmet al\u0131m\u0131nda de\u011fer arac\u0131 olarak kullan\u0131lan belirli bir \u201cutility token\u201d s\u0131n\u0131f\u0131yla ilgilidir. SAFT \u00e7er\u00e7evesi t\u00fcm tokenlar i\u00e7in uygun de\u011fildir. Aksine, SAFT\u2019ler, geli\u015ftiricilerin kendi blockchain projeleri kapsam\u0131nda kullan\u0131m amac\u0131yla sunduklar\u0131 \u201cutility token\u201d veya \u201ckullan\u0131c\u0131 tokenlar\u0131\u201dna \u00f6zel olarak tasarlanm\u0131\u015ft\u0131r.  <\/p>\n\n\n\n<p>Utility tokenlar, \u00f6rne\u011fin, da\u011f\u0131t\u0131lm\u0131\u015f bir bilgi i\u015flem tesisinde bilgi i\u015flem g\u00fcc\u00fc veya da\u011f\u0131t\u0131lm\u0131\u015f bir dosya depolama platformunda depolama alan\u0131 sat\u0131n almak i\u00e7in kullan\u0131labilir.<\/p>\n\n\n\n<p>SAFT, Reg D muafiyeti kapsam\u0131nda akredite yat\u0131r\u0131mc\u0131lara token satmak i\u00e7in kullan\u0131labilse de, ABD menkul k\u0131ymetler yasas\u0131na tam olarak uymak i\u00e7in ek belgeler ve ad\u0131mlar gereklidir.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-conclusion\"><strong>Sonu\u00e7<\/strong><\/h3>\n\n\n\n<p>Sonu\u00e7 olarak, ekosistemin \u00e7arp\u0131c\u0131 bir \u015fekilde b\u00fcy\u00fcmesiyle birlikte, yat\u0131r\u0131mc\u0131lar\u0131n, giri\u015fimlerin veya d\u00fczenleyicilerin \u00f6zel ihtiya\u00e7lar\u0131n\u0131 kar\u015f\u0131lamak i\u00e7in kendi avantajlar\u0131 ve dezavantajlar\u0131 olan farkl\u0131 yat\u0131r\u0131m ara\u00e7lar\u0131 geli\u015ftirilmektedir.<\/p>\n\n\n\n<p>Giri\u015fimler SAFE\u2019lere a\u015fina olmaya ba\u015flad\u0131k\u00e7a, vergi sonu\u00e7lar\u0131, menkul k\u0131ymet tescili ve akredite yat\u0131r\u0131mc\u0131 ya da yetkili al\u0131c\u0131 kriterlerinin kar\u015f\u0131lanmas\u0131 gibi dikkate al\u0131nmas\u0131 gereken \u00f6nemli hususlar h\u00e2l\u00e2 mevcuttur. \u00d6te yandan, SAFT\u2019teki risk, do\u011frudan SAFT s\u00f6zle\u015fmesinden de\u011fil, tokenlar\u0131n ihra\u00e7 an\u0131nda menkul k\u0131ymet olarak nitelendirilmesinden kaynaklanmaktad\u0131r; bu da tokenlar\u0131n bir a\u011f\u0131n i\u015fleyi\u015finde kullan\u0131labilirli\u011fini ciddi \u015fekilde k\u0131s\u0131tlayabilir. SAFT sahipleri daha sonra token sahibi konumuna gelir ve bu tokenlar art\u0131k \u201cmenkul k\u0131ymet\u201d say\u0131lmad\u0131\u011f\u0131 i\u00e7in ikincil piyasada herhangi bir k\u0131s\u0131tlama olmaks\u0131z\u0131n al\u0131m sat\u0131m yapabilmelidir. Ancak, SEC taraf\u0131ndan y\u00fcr\u00fct\u00fclen \u00e7e\u015fitli incelemeler sonucunda, SAFT sahiplerine utility token olarak sat\u0131lan tokenlar, ihra\u00e7 sonras\u0131nda menkul k\u0131ymet olarak s\u0131n\u0131fland\u0131r\u0131lm\u0131\u015f ve bu durum genellikle istenmeyen hukuki sonu\u00e7lara yol a\u00e7m\u0131\u015ft\u0131r.   &nbsp;<\/p>\n\n\n\n<p>Bu nedenle, hem yat\u0131r\u0131mc\u0131lar\u0131n hem de giri\u015fimlerin, SAFT yoluyla fon toplarken dayanak token\u0131n \u00f6zelliklerini dikkate almalar\u0131 ve menkul k\u0131ymetler hukukunun uygulanabilirli\u011fine ili\u015fkin ko\u015fullar\u0131n karma\u015f\u0131k analizini dikkatle y\u00fcr\u00fctmeleri gerekmektedir.<\/p>\n\n\n\n<p>Ayr\u0131ca, yaln\u0131zca ABD menkul k\u0131ymetler mevzuat\u0131na de\u011fil, menkul k\u0131ymet tokenlar\u0131n\u0131 sundu\u011funuz di\u011fer yetki alanlar\u0131n\u0131n menkul k\u0131ymet mevzuat\u0131na da uyman\u0131z gerekti\u011fini l\u00fctfen unutmay\u0131n. SAFT her ne kadar ABD\u2019de kullan\u0131labilir bir ara\u00e7 olsa da, di\u011fer yetki alanlar\u0131nda do\u011fru ve uygulanabilir bir belge olmayabilir. &nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Yat\u0131r\u0131m ara\u00e7lar\u0131, bireylerin veya \u015firketlerin yat\u0131r\u0131m yaparak olumlu getiri veya faiz elde etmeyi ama\u00e7lad\u0131klar\u0131 herhangi bir y\u00f6ntem veya arac\u0131 ifade eder. Geli\u015fen ve d\u00f6n\u00fc\u015fen giri\u015fimcilik ekosistemiyle birlikte, farkl\u0131 piyasa ko\u015fullar\u0131na, \u00e7e\u015fitli yat\u0131r\u0131m motivasyonlar\u0131na, belirli finansal hedeflere veya likidite tercihlerine uygun olarak \u00e7e\u015fitli yat\u0131r\u0131m ara\u00e7lar\u0131 sunulmaktad\u0131r. D\u00f6n\u00fc\u015ft\u00fcr\u00fclebilir senetler (convertible notes), SAFE\u2019ler (Simple Agreement for Future Equity) [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":7097,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[137],"tags":[131,152,151,153,154],"ppma_author":[125],"class_list":["post-7095","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blok-zinciri","tag-blok-zinciri","tag-guvenli","tag-ozel-yatirim","tag-saft-tr","tag-startup-ekosistemi"],"authors":[{"term_id":125,"user_id":1,"is_guest":0,"slug":"virconlegal","display_name":"virconlegal","avatar_url":"https:\/\/secure.gravatar.com\/avatar\/4f3ec5d54b8792b25790cf55d797a6dce67ee1dc5500de97bf1aa1af483fb68a?s=96&d=mm&r=g","author_category":"","first_name":"","last_name":"","user_url":"http:\/\/virconlegal.com\/blog","job_title":"","description":""}],"_links":{"self":[{"href":"https:\/\/virconlegal.com\/tr\/wp-json\/wp\/v2\/posts\/7095","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/virconlegal.com\/tr\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/virconlegal.com\/tr\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/virconlegal.com\/tr\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/virconlegal.com\/tr\/wp-json\/wp\/v2\/comments?post=7095"}],"version-history":[{"count":1,"href":"https:\/\/virconlegal.com\/tr\/wp-json\/wp\/v2\/posts\/7095\/revisions"}],"predecessor-version":[{"id":7208,"href":"https:\/\/virconlegal.com\/tr\/wp-json\/wp\/v2\/posts\/7095\/revisions\/7208"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/virconlegal.com\/tr\/wp-json\/wp\/v2\/media\/7097"}],"wp:attachment":[{"href":"https:\/\/virconlegal.com\/tr\/wp-json\/wp\/v2\/media?parent=7095"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/virconlegal.com\/tr\/wp-json\/wp\/v2\/categories?post=7095"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/virconlegal.com\/tr\/wp-json\/wp\/v2\/tags?post=7095"},{"taxonomy":"author","embeddable":true,"href":"https:\/\/virconlegal.com\/tr\/wp-json\/wp\/v2\/ppma_author?post=7095"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}