Processes for Proof of Reserve Audits are Determined
Principles regarding the processes of “proof of reserve audits” by crypto asset service providers and by platforms are determined.
With the principle decision numbered i-SPK.35/B.2 (08/05/2025 and 30/846 s.k.) (“Principle Decision”), Capital Markets Board of Türkiye (“Board”) has determined the principles regarding the processes of “proof of reserve audits” that shall be conducted periodically by crypto asset service providers (“CASP(s)”) and by platforms prior to their applications for operating licences pursuant to the Communiqué on the Principles of Establishment and Activities of Crypto Asset Service Providers numbered III-35/B.1.
The proof of reserve audit will be performed by the deputy information systems auditor, information systems auditor, senior information systems auditor, chief information systems auditor and chief responsible information systems auditor as defined in the Communiqué on Independent Audit of Information Systems numbered III-62.2.
The audit will be carried out quarterly each year and a contract for the audit shall be signed between the auditor company and the CASP on a periodic or annual basis. Two different random dates shall be determined within the audit period, but these dates shall not be disclosed to CASP until the day before the audit date.
At a minimum, the scope of the audit is determined as 80% of the total crypto asset balance of the clients, with a minimum of 10 crypto assets with the largest balance among the crypto assets of the clients. All assets held in the liquid reserve of the platforms shall be included in the scope of the audit and the existence of 100% of all crypto assets within the scope of the audit shall be confirmed.
The finalised audit report shall be delivered to the chairman of the board of directors of CASP within 10 business days following the end of the audit period. The board of directors of the CASP submits the audit report to the Board together with the CASP board decision on the acceptance of the report within 15 business days following the end of the audit period. The audit report shall not be disclosed to third parties.
CASP websites may provide information on the reserve status of crypto assets belonging to customers, provided that the auditor is not disclosed.
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