Turkey's capital market board sets reserve audit standards for crypto asset platforms
According to the board's statement, published late on Thursday, these audits must be conducted by independent information systems audit firms every quarter.
Audit reports will include detailed lists of crypto currencies, their current value for customers, the networks they are stored on, storage models, access controls, wallet addresses as well as the platform's own crypto and cash reserves, the board said.
The auditor will take information to compare customer assets with distributed ledger network assets, the board said. If the total reserve protection ratio is found to be below 100%, this must be immediately reported to the capital markets authority.
In March, the board introduced capital and capital adequacy ratio standards for crypto asset service providers and custody institutions in Turkey.
Last year, Turkey passed regulations for crypto asset platforms setting rules on their responsibilities to customers, security standards and how they operate within the country. (Reporting by Ezgi Erkoyun; Editing by Daren Butler)
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Zawya
2 hours ago
- Zawya
Pipeline closure costs Iraq billions of dollars
Iraq has lost billions of dollars as a result of the closure of the Kirkuk-Cehyan pipeline that shipped crude oil from Kurdistan to Europe via Turkey, an Iraqi MP has said. Oil flows through the 970-kilometre pipeline were completely halted by Turkey in March 2023 after the International Chamber of Commerce ordered Ankara to pay Baghdad damages of $1.5 billion for unauthorised exports by Kurdistan between 2014 and 2018. OPEC's second largest oil producer agreed with the Kurdistan regional government (KRG) at the weekend to resume oil exports but flow hinges on a final agreement between Baghdad and Ankara. 'The agreement between Iraq and KRG after more than two years of disruption is a crucial step to end the crisis that has cost Iraq billions of dollars,' said Bassim Al-Gharibawi, a member of parliament's oil and gas committee. He told the London-based Qatari news website Al-Arabi Al-Jadeed that under the agreement, the North Oil Company will store crude produced in Kurdistan in its facilities in Kirkuk before it is pumped into the pipeline after a final agreement with Turkey. 'This mechanism allows for the resumption of oil flow via the pipeline within a few days after technical and logistic preparations are competed…the resumption of oil exports will positively affect Iraq's revenue after large losses,' he said. In its report, the website said exports would start at around 100,000 barrels per day (bpd)before increasing gradually to nearly 300,000 bpd. Officials said last week that Kurdistan would be allowed to retain 50,000 bpd from its oil production for domestic consumption. Iraq's oil minister Hayan Abdel Ghani said in July that after parliament approved an increase in subsidies for oil production in the northern region this year, the KRG must hand over produced oil to the federal government for export, adding that the budget set that quantity at 400,000 bpd. (Writing by Nadim Kawach; Editing by Anoop Menon)
Crypto Insight
5 hours ago
- Crypto Insight
Fed governor tells bankers DeFi is ‘nothing to be afraid of'
US Federal Reserve Governor Christopher Waller told his peers and the private banking sector that there's 'nothing to be afraid of' about crypto payments operating outside the traditional banking system. 'There is nothing scary about this just because it occurs in the decentralized finance or DeFi world — this is simply new technology to transfer objects and record transactions,' he said during a speech at the Wyoming Blockchain Symposium 2025 on Wednesday. Leveraging innovative tech to build new payment services isn't a 'new story,' Waller said as he pitched policymakers and the private banking sector to work together on crypto payment infrastructure. 'There is nothing to be afraid of when thinking about using smart contracts, tokenization, or distributed ledgers in everyday transactions.' Waller's comments reflected the Fed's steady pivot toward embracing crypto and its future role in the US payments system. In April, it withdrew guidance from 2022 that served to deter banks from engaging in crypto and stablecoin activities. Last week, the Fed ended its risk-focused 'novel activities supervision program' overseeing crypto-related activities, while Fed Vice Chair for Supervision Michelle Bowman on Tuesday suggested staff should be allowed to hold small amounts of crypto to better understand the technology. Waller's pro-crypto views could soon have more weight, as he is considered a front-runner to replace Jerome Powell as Fed chair. Powell's term ends in May 2026 and can only be extended if he is renominated by President Donald Trump and confirmed by the Senate. However, Trump has reportedly been pressuring Powell to resign. Buying memecoins with crypto like buying apples with fiat: Waller Waller said DeFi transactions follow the same logic as everyday debit card purchases, comparing the use of stablecoins to buy a memecoin to tapping a debit card at a grocery store to pay for an apple. 'I can go to the grocery store and buy an apple and use a digital dollar in my checking account to pay for it. I tap my debit card on a card reader to conduct the transaction. Finally, the machine prints out a receipt, which is the record of the transaction. The same process applies to the crypto world.' 'I buy a meme coin and use a stablecoin as the means of payment. The transaction takes place using a smart contract. Finally, the transaction is recorded on a distributed ledger.' GENIUS bill an 'important step' for stablecoin adoption The recent signing of the Guiding and Establishing National Innovation for US Stablecoins Act marked an 'important step' for stablecoin adoption, Waller said, adding that it could help stablecoins 'reach their full potential.' He noted that stablecoins could help maintain and expand the dollar's role internationally — especially in high-inflation countries or those with limited access to physical dollars — while improving retail and cross-border payments. Stablecoin market tipped to increase 615% by 2028 The stablecoin market currently sits at $280 billion, a market the US Treasury estimated in April would reach $2 trillion by 2028. The department supported its projection by noting that a stablecoin regulatory framework could rapidly accelerate demand for US Treasury bills. Tether and Circle's USDC currently dominate the stablecoin industry, with market caps of $167 billion and $67.5 billion, respectively, CoinGecko data shows. Source:
Zawya
18 hours ago
- Zawya
Audit of the Management of Economic Community of West African States (ECOWAS) Gender Development (EGDC) Operations in Senegal: The ECOWAS Auditor General's Office on Mission in Dakar
In accordance with its mandate to monitor the impact, quality and effectiveness of programmes, as well as to ensure compliance with governance and transparency standards, the Office of the Auditor General of the ECOWAS Commission conducted an audit mission at the ECOWAS Gender Development (EgDC). This mission, which took place from the 4th to 15th of August 2025 in Dakar, Republic of Senegal, focused on the management of EGDC operations, particularly in the areas of procurement, human resources, travel, missions and advances. The objective was to analyse the operational procedures in place and to gather the EGDC's expectations and needs in terms of good management. At the opening meeting on 4th of August, the auditors presented the context, objectives and methodology of the audit. The Director of the ECDC and the Director of Administration and Finance of the GIABA/EGDC Pooling highlighted the importance of the exercise, emphasising the progress made by the Centre in the areas examined. The closing meeting, held on the 18th August 2025, provided an opportunity to share the preliminary conclusions. The Auditor General praised the EGDC's open cooperation and encouraged it to continue its efforts to improve its operating framework. This work was carried out in a hybrid mode (face-to-face and videoconferencing via Zoom and Teams), with the active participation of staff from the EGDC, GIABA and the Auditor General's Office. Distributed by APO Group on behalf of Economic Community of West African States (ECOWAS).
