Report: Turkey To Establish Custodian Bank For Bitcoin Exchanges

Vebitcoin CEO Ilker Bas is reportedly in police custody, with Thodex owner Faruk Fatih Özer suspected to have fled to Albania. Following the arrests of several employees at Turkey-based crypto exchanges Thodex and Vebitcoin last week, government officials are reportedly planning to establish a central bank authority which could custody digital assets. According to a Bloomberg report, an unnamed senior official in the Turkish government said local authorities may be creating a central custodian bank aimed at eliminating counterparty risk for dealing in cryptocurrencies. The same source....

The Turkish government is reportedly creating a regulatory framework for cryptocurrencies after two crypto exchanges in the country abruptly halted trading and are now being investigated for fraud. The government is reportedly planning to establish a central custodian bank among other initiatives. The Turkish government is working on cryptocurrency regulation. Bloomberg reported on Tuesday that “The government is planning to establish a central custodian bank to eliminate counterparty risk,” citing a senior official familiar with the plans. The Treasury & Finance Ministry,....

According to a recent report, the cryptocurrency custodian Xapo is getting ready to become a “fully-fledged” bank in the British Overseas Territory of Gibraltar. The region located at the southern tip of the Iberian Peninsula has also been extending “regulatory guidelines for digital asset exchanges,” according to a partner at the international law firm Isolas LLP. Just recently, the cryptocurrency custodian Xapo sent out a wave of emails that noted it would not serve U.S. customers going forward. “Due to a change in our global business strategy, Xapo, Inc. is....

Turkey is reportedly drafting crypto legislation to be submitted to parliament in the coming weeks. The bill may also impose taxes on some crypto transactions. New Turkish Crypto Legislation Underway Turkey is drafting a bill to establish new rules for the crypto industry, Bloomberg reported last week, citing two unnamed Turkish officials familiar with the matter. According to the officials, the governing AK Party of President Recep Tayyip Erdoğan plans to submit the cryptocurrency bill to parliament in the coming weeks. Under the new regulatory....

Turkey's central bank is also banning payment providers from offering fiat-to-crypto onramps for cryptocurrency exchanges. A new ban in Turkey will prohibit crypto holders from using their digital assets for payments, in addition to preventing payment providers from adding funds to their digital wallets at crypto exchanges.According to a Friday announcement by the Central Bank of the Republic of Turkey, the ban will come into effect on April 30, rendering any crypto payments solutions and partnerships illegal.The bank stated, “any direct or indirect usage of crypto assets in payment....