According to a new development, he is establishing a new organization to monitor and help develop the crypto industry in Turkey. Its first mission will be to address issues with some Bitcoin exchanges and increase confidence in the industry as a whole.
New Turkish organization will deal with problems in the cryptocurrency market
According to Emrah Inanc, president of the Crypto Industry Development, Monitoring and Reporting Association, it is estimated that there are over 8 million people trading cryptocurrencies in Turkey as of 2022. Inanc underlines that Turkey is in the top five of the world in terms of crypto investments.
In his statements, the senior executive of the newly established organization emphasized that transparency is very important for the development of the crypto industry. As such, it will focus its efforts primarily on resolving issues with crypto exchanges and increasing confidence in the industry.
İnanç pointed out that a number of exchanges from the Far East are trying to attract Turkish customers. In this context, he noted that the absence of rules and regulatory authority led to “improper consequences” and acknowledged some difficulties in dealing with the public sector:
We are facing allegations that some exchanges illegally blocked customer accounts to finance terrorism and money laundering.
This is blocking Bitcoin exchanges
“In order to prevent illegal practices and irregularities, we will take the necessary steps to block cryptocurrency exchanges that cause unlawful transactions, cause grievances, and threaten our citizens and the country’s economy,” İnanç said. It also urged both individuals and organizations to submit their requests, suggestions and complaints to the group by completing a form posted on the group’s website.
Cryptocurrencies have become the focus of attention of individual investors in our country in the last few years. Turkish investors were also affected by several bankruptcies in the industry, including FTX, which filed for bankruptcy in mid-November. cryptocoin.com As we have reported, Turkey was among the countries that made the most concrete in the FTX bankruptcy.
Turkish crypto association vows to block ‘aggrieved’ exchanges
In Turkey, several local exchanges have closed, such as Thodex, whose founders and top executives are accused of fraud and money laundering. Vebitcoin announced that it ceased operations after the central bank banned crypto payments and Coinzo closed. The Central Bank of Turkey announced in April 2021 that “Cryptocurrencies involve significant risks for interested parties,” citing factors such as excessive volatility, lack of regulation and irreversible transactions.
The CBRT also warned that cryptocurrencies “could be used in illegal acts due to their anonymous nature” and that “wallets can be stolen or used unlawfully without the permission of their owners.” Turkey will act more cautiously to prevent the stock markets that make investors suffer.
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