With over 50% crypto engagement, Turkey is becoming a renowned crypto hub that has caught the attention of Binance CMO, Rachel Conlan. This is mainly due to the country’s less stringent crypto regulations that have helped the crypto market to flourish. Countries such as Turkey, Argentina, and the Philippines are beginning to shift their focus to risk assets, as it is becoming harder to trust the Fiat currency and banking systems that are mainly government-controlled. This has prompted companies to explore other countries, with Turkey and South Korea becoming two of the most prominent crypto adopters.
To investigate further, Binance has chosen Istanbul as the host city for the upcoming Binance Blockchain Week in early November. This event aims to bridge the local crypto community with the international Web3 community, creating an atmosphere of collaboration and innovation.
When looking at the most traded crypto in the country, it is clear that Bitcoin is the clear leader among Turkish investors, with 71% of them holding the digital asset. Ethereum and stablecoins are also highly favored. The Turkish Lira dominates 75% of all fiat volume on Binance, which highlights the increasing acceptance and adoption of cryptocurrencies as alternative investments and stores of value.
Although Turkey’s crypto adoption is increasing, regulatory guidelines are expected to be introduced. The Turkish government plans to implement its central bank’s digital currency, the digital lira, by the end of 2023. This is likely to result in higher taxes and more precise regulations for cryptocurrency-related activities. Despite this, a complete ban on cryptocurrencies seems unlikely.