In a notable development, the Turkish Lira (TRY) emerged as the dominant fiat trading pair on Binance during September, claiming 75% of all fiat volume. Despite being the fourth-largest crypto market globally, after the United States, India, and the United Kingdom, this surge in TRY trading points to a recent influx of crypto investors into the Turkish market.
Binance’s research indicates that 27% of participants entered the crypto space within the last year, with 8% joining in the past six months. Most respondents hold cryptocurrency portfolios valued up to $175 (5,000 TRY), and interestingly, real estate remains a preferred investment choice.
Profitability stands out as a key driver for Turkey’s growing interest in crypto, coupled with factors like easy monitoring, no minimum investment threshold, and low transaction costs. However, the inherent risks associated with cryptocurrencies contribute to the hesitancy observed among Turkish investors.
As Turkey continues to embrace cryptocurrency, the country is taking steps to introduce new regulations governing crypto assets. This move aims to persuade the Financial Action Task Force (FATF) to remove Turkey from its ‘gray list.’ The FATF had placed Turkey on this list in 2021, citing adherence to all but one of its 40 standards, specifically related to dealing with cryptocurrencies.
The evolving landscape of crypto adoption in Turkey underscores the need for a regulatory framework to address challenges and foster a secure and compliant environment in line with international standards.”