A new organization has been established in Turkey to monitor and help develop the country’s crypto sector, local media reported. Its first task is to address recent issues concerning several cryptocurrency exchanges and to increase confidence in the industry as a whole.
The new entity, which will address issues in the Turkish crypto space, hopes to increase transparency
According to Emrah Inanc, head of the Crypto Industry Development, Monitoring and Reporting Association, it is estimated that more than 8 million people will be trading cryptocurrencies in Turkey by 2022. The country is among the top five in the world in terms of crypto investments, he stressed.
According to Anadolu Agency, the head of the newly established organization also stressed that transparency is crucial for the development of the crypto sector. Therefore, efforts will first be focused on solving the problems of crypto exchanges and improving trust in the industry.
Inank noted that many exchanges from the Far East are trying to attract Turkish customers. As background, he noted that a lack of rules and regulators has led to “inconvenient consequences,” and acknowledged some of the challenges in relations with the public sector.
We face allegations that some exchanges are illegally blocking customer accounts to finance terrorism and money laundering.
Emrah Inanc also indicated that the Association is prepared to regularly and transparently share information about the shortcomings it has identified with all relevant institutions. He also warned traders about trading with offshore exchange platforms.
“In order to prevent these illegal activities and irregularities, we have taken the necessary steps to block cryptocurrency exchanges … that cause illegal transactions, cause victims, and threaten citizens and the country’s economy. and take the necessary steps to block them,” Inanc elaborated. He also urged both individuals and organizations to send requests, suggestions, and complaints to the group by filling out a form posted on itswebsite
With the growing popularity of cryptocurrencies amid high inflation, Turkey has become an attractive market for crypto exchanges over the past few years. Turkish traders were also affected by several failures in the sector, including FTX, which filed for bankruptcy in mid-November. Turkey’s financial watchdog launched an investigation into the collapse of a major exchange because it had a Turkish platform.
Several domestic exchanges were also shut down. For example, Thodex, its founder and top executives were accused of committing fraud and money laundering as part of an alleged exit scam; Vebitcoin was investigated when it ceased operations after the country’s central bank banned crypto payments; and Coinzo was also shut down.
Image credits: Shutterstock, Pixabay, Wiki Commons