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

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

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

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

Türkiye is in the top five countries in the world in terms of cryptocurrency investments, İnanç highlighted.

Pointing out that a number of Far Eastern cryptocurrency exchanges want to attract customers in Türkiye, İnanç said a 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 inconvenience with the sector.

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

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."

He underlined that all individuals and institutions can send their requests, suggestions and complaints to the group by filling out the form posted on cexreport.com.