Turkey is amongst the fewest countries in the world whose population is over-flowing with a large number of crypto owners.
In terms of feeding Turkish population of crypto owners, the global crypto industry is taking care of the demands of over 8 million people.
This statistic figure of 8 million Turkish crypto owners has been re-affirmed by Emrah Inanc.
Inanc is the man in-charge of newly constituted crypto exchange monitoring authority called ‘Association of Crypto Industry Development Monitoring and Report’.
Inanc pointed out that Turkey is amongst the top-5 states of the world which has invested high stake in global crypto economy.
Contrary to this, as per BitTribute, Turkey has developed a sense of belief that crypto industry lacks proper supervision and monitoring.
It was in this background that Turkey has now constituted the Association of which Inanc is the head.
The Association has been tasked to supervise and monitor crypto exchanges within the industry dealing with Turkish investors.
Furthermore, the Association would strictly monitor the operations and their executions by local crypto exchanges.
Crypto Exchange Monitoring Association Constituted For Ensuring Transparency
Inanc was talking to a local news outlet, Anadolu Agency, whom he told that Turkey’s main concern regarding crypto exchanges is ‘transparency’.
He said that transparency is hence instrument for the development, expansion and improvement of the local digital asset sector.
Association Is Poised With the Aim of Addressing Challenging Issues
Inanc explained that the newly constituted Association would be focusing first on identifying the problems and grey areas in the crypto exchanges. Thereafter, the Association will do its best efforts in resolving them properly.
He was of the view that resolving such problems would help the Association to re-impose and further strengthening the investors’ confidence.
He further indicated that there are several offshore crypto exchanges, in particular European, which have been trying to attract consumers from Turkey.
Regarding this, he opined that Turkish consumers were exploited in past by offshore firms because they knew regulations were lacking in Turkey.
Inanc apprised that the primary objective of establishing the Association is to ensure security and well-being of Turkish crypto investors.
He further addressed the issue often complained against exchanges in which the consumers had directly accused their platforms.
He noted that Turkish customers’ accounts were suspended on the assumption of serious accusations such as terror funding and money laundering.
The head of the Association claimed that the exchange monitoring authority would also be focusing on such challenges.
He assured that with Association’s support, Turkish investors can trade crypto safely without the fears of getting exploited by crypto exchanges.
Problem Identification Method and Data Sharing
According to Inanc, the Association would encourage best industry practices in all fronts. He ensured that the Association will be effectively playing its role in providing risk/problem analysis data to authorities concerned.
He also issued a warning to local crypto consumers and investors not to engage with offshore firms without due diligence.
Inanc undertook that the Association shall take all steps necessary for stopping offshore exchanges to entice local traders and victimizing them.
He informed that various foreign firms have been identified which have been found actively involved in illegal practices.
He claimed that such activities seriously damage investors’ confidence, expose them to risks and cause serious harm to national economy.
In this connection, he advised Turkish individuals and institutions to benefit from Association’s online complaint portal.
He said that the Authority would be pleased to accept consumers’ complaints for immediately commencing investigation.
Turkey A Land of Opportunity for Crypto Derivative Firms
As has been explained earlier, crypto adoption is at its peak in Turkey due to global economic crisis.
Over eight million Turks are engaged with and party of local and offshore crypto trading platforms. Turkey is hence seen as ‘the land of opportunity’ by global crypto exchanges.
Based on this, foreign crypto exchanges are constantly trying to enter Turkish crypto market for taking advantage from Turkish investors.