ISTANBUL: Turkey's capital markets board released rules for proof of reserve audit standards that crypto asset platforms have to meet to apply for operational licences in Turkey.

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)