Information about the Crypto Currency market in Turkey
The cryptocurrency market of Turkey is among the top 5 in the world with nearly 5 million cryptocurrency platform accounts. In April 2021, the government banned their use to pay for goods and services in response to claims that these transactions were too risky, however cryptocurrency trading is still allowed and it is legal to hold crypto assets.
Regulation of Crypto Currency in Turkey
Cryptocurrencies are currently in a legal gray area in Turkey; however, Ankara will take further legal action in response to their use. This is good news for crypto enthusiasts. The government aims to establish a central custodian to eliminate counterparty risk. Lawmakers plan to simplify registration for new exchanges and potentially allow direct cash for cryptocurrency exchanges into Turkish lira. Mustafa Elitaş, deputy leader of the ruling AKP party, told parliament on January 6: “The aim is to regulate the system to prevent malicious attempts, protecting investors and avoiding victimization. As in the rest of the world, interest in cryptocurrencies among Turks has increased over the years. It is particularly popular as a substitute for saving gold and $ to protect investors from inflation.
Crypto Currency Exchanges in Turkey
BTCTurkPro, one of the largest national cryptocurrency exchanges, reports an average of $300 million in transactions per day. Another national exchange, Paribu, increased its user base from 1.5 million to 5 million in 2021. Paribu allows Turks to use their bank accounts to buy and sell in Turkish lira, and its daily transaction volume increased from US$20 million dollars per day in 2020 to more than $500 million by the end of 2021. International exchanges such as Coinbase and Binance also operate in Turkey. It is impossible to overlook the influence that crypto is having in Turkey. Advertisements and commercials aimed at investors are scattered throughout Turkey, and are broadcast on television. On many channels, the latest news tickers of the Turkish lira to fiat currency also list the latest value of Bitcoin.