The Rise of the Turkish Lira in Crypto Trading
In September, the Turkish lira emerged as the leading fiat trading pair on Binance, with 75% of all fiat volume at the beginning of the month. This is despite being the fourth-largest crypto market globally, following the United States, India, and the United Kingdom.
This surge in lira trading can be attributed to the increasing number of crypto investors in Turkey. According to Binance’s research, 27% of participants started their crypto journey within the last year, with 8% joining in the last six months.
Most respondents hold up to $175 (5,000 lira) in cryptocurrencies and prefer investing heavily in real estate. The profitability factor, ease of monitoring, no minimum threshold, and low transaction costs are some of the notable drivers for new investors. However, the inherent risks associated with crypto contribute to the reluctance of many Turkish investors.
Turkey’s Growing Crypto Adoption
Over the past three years, crypto adoption in Turkey has increased from 16% to 40%, placing it 12th on Chainalysis’ Global Crypto Adoption Index 2023. The country also received humanitarian aid in crypto during the 2023 earthquake.
Despite this growth, Turkey is working on new regulations to govern crypto assets as part of its efforts to be removed from the Financial Action Task Force’s “grey list.” The country aims to address concerns related to dealing with cryptocurrencies after being placed on the grey list in 2021.
Hot Take: The Future of Cryptocurrency in Turkey
The rise of the Turkish lira as a dominant fiat trading pair on Binance demonstrates the growing interest and participation of Turkish investors in the crypto market. With increasing adoption and ongoing regulatory efforts, Turkey is poised to play a significant role in shaping the future of cryptocurrency within its borders.
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