Turkish Government Plans Central Custodian Bank to Manage Crypto Risk: Report
Authorities are also contemplating a capital threshold for crypto exchanges and education requirements for the executives at the firms, Bloomberg said, citing an unnamed official.
Apr 27, 2021 at 9:34 p.m. UTCUpdated Aug 19, 2021 at 9:01 a.m. UTC
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The Turkish government plans to create a central custodian bank to eliminate counterparty risk following the collapse of two cryptocurrency exchanges last week, and as the country seeks to tighten its grip on the industry, Bloomberg reported, citing a senior official familiar with the plans.
- Authorities are also contemplating a capital threshold for crypto exchanges and education requirements for the executives at the firms, Bloomberg said, citing the unnamed official.
- The report comes days after Trade Moneta reported the head of Turkey’s central bank ruled out a total prohibition of cryptocurrencies and said a wide range of crypto regulations is coming within two weeks.
- The fact is, completely prohibiting crypto in Turkey is almost impossible to do. Local media reported that in the beginning of 2021, moving in tandem with the bitcoin price run, the country’s two largest crypto exchanges, Paribu and BtcTurk, were trading over $1 billion worth of crypto daily.
- According to local reports, the total volume of crypto traded in January accounted for around 25% of the traded volume on the country’s stock exchange BIST.
- The comments came shortly after the collapse and detention of employees of two crypto exchanges that are being investigated by the government.
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