The growing popularity of digital assets punctuated by rampant inflation has compelled many countries to turn to cryptos. This is the case of Turkey. Indeed, in 2022, the number of people who traded cryptos in Turkey is estimated at 8 million. For the Turkish government, it is urgent to regulate this sector. Thus, according to local media, a new organization has been created in the country to monitor and develop the crypto industry.
Emrah Inanc advocates transparency to develop the crypto sector
Featured in the top 5 worldwide in terms ofcrypto investments, Turkey has recently become an attractive market for crypto exchanges around the world.
However, the absence of regulations leaves the field open to illegal practices as well as to exchanges, the failures of which weaken the country’s economy. For example, Turkish traders have been hit hard the collapse of FTXwhose bankruptcy filed last November shook the entire Blockchain.
In addition, several national stock exchanges had to go out of business. This is the case of Thodexincluding the founders and senior executives on whom the suspicions of fraud and of money laundering as part of an alleged exit scam. Moreover, Vebitcoin another local exchange, was investigated after Turkish central bank banned crypto payments. Likewise, Coinzo also closed its doors.
Indeed, for the new leader, transparency is crucial. Thus, he will first focus his efforts on solving problems with crypto exchanges and improving trust in the industry.
In addition, Emrah Inanc clarified that the new organization is ready to periodically share information on the shortcomings it identifies with all the institutions concerned. He also warned Turkish traders against trading on offshore exchanges.
Conclusion
With over 8 million investors in 2022, Turkey is a hub for crypto exchanges. Only, money laundering, financing of terrorism and illegal transactions and scam are commonplace within this ecosystem that threatens the country’s economy. For the Turkish state, it is time to act. He therefore set up the Crypto Industry Development Monitoring and Reporting Association to overcome these many shortcomings.
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