Turkey Drafting Crypto Regulation — Central Bank Says No Intention to Ban Cryptocurrencies

Turkey Drafting Crypto Regulation — Central Bank Says No Intention to Ban Cryptocurrencies


The Turkish government is reportedly creating a regulatory framework for cryptocurrencies after two crypto exchanges in the country abruptly halted trading and are now being investigated for fraud. The government is reportedly planning to establish a central custodian bank among other initiatives.

The Turkish government is working on cryptocurrency regulation. Bloomberg reported on Tuesday that “The government is planning to establish a central custodian bank to eliminate counterparty risk,” citing a senior official familiar with the plans. The Treasury & Finance Ministry, Capital Markets Board and financial crimes watchdog Masak are involved in establishing the crypto framework, the publication conveyed, adding that its preparations are expected to be completed within a few weeks. Other than creating a central custodian bank, the Turkish authorities are also considering imposing a capital threshold for crypto exchanges and education requirements for executives at those companies.

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