A new institute has been established in Türkiye to combat recent problems in cryptocurrency exchanges and boost confidence in the sector.

Emrah Inanc, head of the new Crypto Industry Development, Monitoring, and Reporting Institute, told Anadolu that transparency is crucial for the development of the crypto industry.

"We formed our institution and started activities in order to develop the industry and boost confidence in the sector in this period when the sector is going through a difficult period," Inanc said.

The number of people trading cryptocurrencies in Türkiye as of 2022 was projected at over 8 million, he stressed.

Turkiye is in the top five countries in the world in terms of cryptocurrency investments, Inanc highlighted.

Pointing that a number of Far Eastern cryptocurrency exchanges want to attract customers in Türkiye, Inanc said the lack of regulation and direct regulatory authority has led to inconvenient results.

"We are faced with allegations that some exchanges have blocked customer accounts illegally for financing terrorism and money laundering," he explained, acknowledging some public problems with the sector.

Inanc stressed that they are ready to periodically and transparently share with all relevant public institutions the shortcomings they have found with the stock markets that have been closely monitored.

He also warned traders about offshore cryptocurrency exchanges, saying: "In order to prevent these illegal practices and irregularities, we will take the necessary steps to block cryptocurrency exchanges, even if they are established in island countries, that cause unlawful transactions, cause victimization, and threaten our citizens and the country's economy."

Inanc underlined that all individuals and institutions could send their requests, suggestions, and complaints to the group by filling out the form posted at cexreport.com, AA reports.