A new association has been established in Turkey with the goal of improving transparency and boosting confidence in the crypto sector. The Crypto Industry Development, Monitoring and Reporting Association aims to monitor and develop the country’s crypto space, with a focus on addressing recent issues with some cryptocurrency exchanges. Emrah Inanc, head of the organization, stated that transparency is crucial for the sector’s development and that the association will work to solve problems with exchanges and improve confidence in the industry.
Over 8 Million Turkish Traders are Engaged in Cryptocurrency
With over 8 million Turkish people estimated to be trading cryptocurrencies, Turkey is ranked among the top five countries in the world for crypto investments. Inanc warned traders about dealings with offshore exchange platforms and indicated that the association is ready to share information about the shortcomings it identifies with relevant institutions. The association plans to block exchanges that cause unlawful transactions, victimize traders, or pose a threat to the country’s citizens and economy.
The Association to Address Issues with Far Eastern Exchanges
According to Inanc, a number of exchanges from the Far East have been trying to attract Turkish customers, but the lack of rules and regulatory authority has resulted in some problems. The executive highlighted that the association will focus on solving these problems to improve transparency and confidence in the crypto sector. He also urged individuals and organizations to send requests, suggestions, and complaints to the group through a form posted on its website.
High Inflation Boosts Popularity of Cryptocurrencies in Turkey
In recent years, Turkey has become an attractive market for crypto exchanges due to high inflation and the growing popularity of cryptocurrencies. However, traders have also been affected by several failures in the sector, including the bankruptcy of FTX and the closure of domestic exchanges like Thodex, Vebitcoin, and Coinzo. The financial watchdog in Turkey launched a probe into the collapse of FTX, and top executives of Thodex were accused of fraud and money laundering. The association aims to address these issues and provide a safe environment for Turkish traders to invest in cryptocurrencies.