Media: Turkey to tighten rules for Bitcoin exchanges

After the bankruptcy of two cryptocurrency exchanges, Turkey plans to create a centralized custodian bank to mitigate counterparty risk in the digital-asset space. Bloomberg reports, citing its own source.

Authorities are also considering setting a capital threshold for trading platforms and introducing education requirements for their executives.

The drafting of the regulatory framework could be completed within a few weeks, an official said. The Ministry of Finance, the Capital Markets Board, and the Financial Crimes Investigation Board are involved in its development.

On April 20, the Turkish exchange Thodex unexpectedly stopped trading, initially citing technical maintenance, and then the transfer of the platform to a new partner. According to media reports, as part of the investigation into the alleged exit scam 62 people have been detained, and the head of Thodex is wanted.

On April 26, due to financial difficulties ceased operations of the Vebitcoin exchange. Turkish authorities blocked the exchange’s accounts and arrested four people connected with Vebitcoin.

Earlier, the central bank governor announced the imminent introduction of cryptocurrency regulation rules. He ruled out the possibility of a complete ban on digital assets.

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