Why is Turkey such an important crypto market?

Many people wonder why Turkey’s crypto market is booming. I thought about it a bit and here is what I found: High inflation (40 percent+ annually) and significant currency devaluation (300 percent since 2020) make cryptos an attractive hedge for people in the country. In an inflationary environment, stablecoins like USDT have become a preferred choice for Turkish traders. Turkey just introduced its first crypto legislation in 2024, which provided regulatory clarity and justified reasonable compliance standards for businesses in the countries. There seems to be a high appetite for speculative assets, making crypto not only a store of value but also a popular speculative instrument. Turkey has a large tech-savvy young population that is driving crypto’s adoption and promoting the use of this technology for unbanked populations and to increase financial inclusion. Major exchanges and platforms such as Binance and Paribu offer very deep liquidity and low fees, serving both national and regional needs. With strong demand and a progressive regulatory environment, Turkey is quickly establishing itself as a leading crypto hub in the Middle East and across the globe. Do you have further insights on Turkey’s role with crypto?

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