Turkey has recently seen the emergence of a new association devoted to the development, monitoring, and reporting of the nation’s crypto industry. The director of the Crypto Industry Development, Monitoring and Reporting Association, Emrah Inanc, spoke to Anadolu Agency on the matter and emphasized the importance of transparency for the sector’s success.
Inanc noted that there have been numerous attempts by Eastern exchanges to target Turkish traders, and due to the lack of regulatory guidance, this has caused “inconvenient results.” He further stated that the association will investigate allegations that certain exchanges have illegally blocked customer accounts for the purpose of funding terrorism or money laundering.
In order to prevent such illegal practices and irregularities, the association plans to take the necessary measures to “block cryptocurrency exchanges that cause illicit transactions, victimization and threaten the citizens and the country’s economy,” Inanc said. The association also encourages organizations and individuals to submit requests and complaints through its website.
The high rate of inflation in Turkey has led to a rise in the acceptance of cryptocurrencies, and Turkish traders have also been affected by sector collapses such as FTX in mid-2018. Turkey’s first exchange collapse was subject to an investigation by the country’s financial watchdog, and other exchanges including Vebitcoin and Coinzo, have been shut down.
Do you think the newly formed crypto association will help the cryptocurrency sector in Turkey? Let us know in the comments below.
