Report: Turkey Plans to Regulate Crypto Exchanges by May

The government of Turkey is planning to regulate its cryptocurrency market after two local exchanges crumbled within days.

April 28, 2021 | AtoZ Markets – Following the bankruptcy of two cryptocurrency exchanges, Turkey plans to establish a centralized custodian bank to eliminate the risk of insolvency of the digital asset counterparty, Bloomberg reports this with reference to its own source.

The authorities are also considering setting capital thresholds for trading platforms and imposing educational requirements for their leaders.

MASAK, the Treasury and Finance Ministry, and the Capital Markets Board are all reportedly making preparation for the new regulations, which may come out in May.

On April 20, the Turkish Thodex exchange unexpectedly stopped trading, citing first technical work, and then the transfer of the platform to a new partner. According to media reports, 62 people were detained as part of the investigation of the alleged exit scam , and the head of Thodex was put on the wanted list.

On April 25, AtoZ Markets reported that another Turkish crypto exchange Vebitcoin stopped working due to financial difficulties. The Turkish authorities have blocked the accounts of the trading platform and arrested four people associated with Vebitcoin.

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

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