The Turkish government is reportedly creating a regulatory framework for cryptocurrencies after two of the country’s cryptocurrency exchanges suddenly ceased operations and are under investigation for fraud. The government is reportedly planning to set up a central depository bank, among other initiatives.

  • The Turkish government is working to regulate cryptocurrencies. Bloomberg reported Tuesday, citing a senior official familiar with the plans, that the government is considering setting up a central depository bank to deal with counterparty risk.
  • The Treasury and the Ministry of Finance, the Capital Markets Board and the Masak Financial Crimes Supervisory Board are involved in creating a crypto framework, the statement said, adding that it should be ready within a few weeks.
  • In addition to the establishment of a central depository bank, the Turkish authorities are also considering a capital threshold for crypto-currency exchanges and training requirements for crypto-currency executives.
  • Meanwhile, in an interview with a local radio station last week, the governor of Turkey’s central bank, Sahap Kavcoglu, confirmed that the finance ministry is working on more comprehensive regulation of cryptocurrencies. The governor added that the bank has no intention of banning cryptocurrencies. However, the central bank recently banned the use of cryptocurrencies as a means of payment.
  • After the central bank banned cryptocurrencies for payments, two Turkish cryptocurrency exchanges abruptly stopped trading. Todex and Webitcoin are currently under investigation for fraud. Sixty-two people have been arrested in connection with Todex and four people have been arrested in connection with Webitcoin.

What do you think of Turkey’s draft regulation on cryptography? Let us know your comments in the section below.

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