Turkey’s “Sound Operation” Law for Cryptocurrency Exchanges to Be Reorganized … Bloomberg Reports

New regulatory measures have emerged in Turkey, which is experiencing confusion as two cryptocurrency exchanges have ceased service and customers cannot access assets. Bloomberg, quoted from a senior government official, announced on the 27th (local time).

In addition to establishing a trust bank that stores and manages cryptocurrencies in order to reduce the risk of counterparty related to bankruptcy, etc., it examines setting capital standards for the operation of the exchange and providing opportunities for managers to receive training. There is.

In Turkey last week, charges were reported that Faruk Fatih Ozer CEO Faruk Fatih Ozer ran away with customer assets against an exchange called Todex, which suspended service on the 21st. After that, the authorities initiated an investigation and arrested 62 Todex officials. In addition, the investigation of Vebitcoin and its operating company, which was suspended due to financial burden, is also being initiated.

The regulatory measures reported this time have not been decided. Turkey’s National Treasury, Finance and Capital Markets Commission (CMB) and the Financial Crimes Investigation Commission (MASAK) work together to create a regulatory framework, and the work is expected to be completed within a few weeks.

Before Todex’s problem emerged, the Turkish central bank announced its plan to stop cryptocurrency payments. Details are expected to be released in the near future.

In Turkey, where fiat currency inflation continues, there is a lot of demand for cryptocurrency transactions. The purchase amount on the 1st was 500 million lira (about 66.7 billion won) in November of last year, but it is said to be increasing to 6 billion lira (about 8117 billion won) in March of this year.

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Author/ Translator: Jamie Kim
Bio: Jamie Kim is a technology journalist. Raised in Hong Kong and always vocal at heart. She aims to share her expertise with the readers at blockreview.net. Kim is a Bitcoin maximalist who believes with unwavering conviction that Bitcoin is the only cryptocurrency – in fact, currency – worth caring about.