These days, when crypto currency exchanges enter a new era, PhemexGlobal Brand Representative Tyler RosselWe did an interview with.
While Turkey is positioned at the top of the world in the use of cryptocurrencies, it is seen as a growth area. It is also quite close to the top among countries with high crypto adoption. 2022 Even though there have been some crises in the crypto sector in 2017, stock markets continue to invest in the future. The number of investors in the growing sector is also increasing. How will the future of the crypto industry be shaped as regulations and adoption increase? As Coinkolik team PhemexGlobal Brand Representative Tyler RosselWe sent our questions to .
“Encouraging Crypto Adoption in Turkey”
● What are the implications of Turkey’s increased adoption in the crypto industry for investors in the near future?
Turkey’s adoption of crypto, which has risen to 8 million participants, was really encouraging and did not go unnoticed in the global arena. I think many citizens in countries like Turkey where there is an extraordinary rise in inflation are looking to cryptocurrencies as a way to preserve the value of their hard-earned income. The ability to convert the lira to USDT, which is pegged to the dollar and does not fluctuate much on the exchange, provides long-term value over time. So as these ideas spread, there is much more potential for adoption.
● How do you gain the trust of the citizens who lost their trust in the stock markets in our country after some crises? What are you planning about this?
I think it starts with listening to the needs and concerns of the community first and foremost. Then steps begin to be implemented, creating more transparency so users can control to make sure their funds are always safe and in reserve. For Phemex, users can check at any time whether their assets are in reserve and compare this with our obligations to ensure solvency.
● As Phemex Turkey, do you work or plan to work with any regulator in Turkey?
We are not currently working with any regulators in Turkey, but as Turkish adoption and Phemex’s presence in Turkey continue to increase, we always look forward to speaking out and potentially working with regulators.
“Needs Regulations”
● What are your thoughts on the regulations of your exchange? Will crypto regulation help the Industry? Do you support the regulations?
Given the recent events with FTX, I think it’s fair to say that some principles and policy foundations are needed in the industry as a whole. Proof-of-Reserves and Merkle-tree are a great starting point, and sharing debts and solvency like Phemex has is an extra step in the right direction. We look forward to exploring and working with other leading exchanges to establish these policies and procedures.
● Do you plan to share the stock market asset report under the auspices of a more centralized administration such as the SEC?
Phemex has published our Proof of Reserves obligations and solvency, as well as parts of our cold wallet address, to create greater transparency and trust. We are always open to exploring opportunities to create greater transparency and trust in the industry, but we must also consider our customers’ privacy first.
But I believe this is just the beginning, there is more that can be done and we are talking with other exchanges and industry leaders to explore this as well as get the community to believe in the platforms and exchanges they are using.
“Education is Important in the Crypto Industry”
● Where will the position of crypto exchanges be in the future of the crypto industry? How will they align with Central Banks or country governments?
Crypto exchanges, both decentralized and centralized, will always play a crucial role within the industry, and over time their roles and features may change as blockchain innovations and adoption increase.
As regulations, policies and procedures are more clearly defined, I think it will open up opportunities for greater cooperation with national governments as well as Central Banks.
● Localization and centralization processes came to the fore. Should cryptocurrency exchanges be centralized for the future?
The choice between using decentralized crypto exchanges and centralized crypto exchanges is really up to the user. Going forward, I believe both will share their space in the industry, depending on the investor’s experience. Yet now, in the early days of global adoption, centralized exchanges play an important role in brand identity, training and usage feasibility.
● What obstacles do you see in the development of the crypto industry? Do you have any suggestions or plans to solve these?
Education remains one of the most important initiatives in the industry, especially when it comes to discussing regulation and policy. And this will be an undertaking for quite some time with the pace that blockchain is developing. That’s why we seize opportunities that arise to engage in discussions, share our perspectives and perspectives, and listen to others, and work to build a better foundation to better understand all the opportunities blockchain and crypto provide.
