In a video released yesterday, Coin Bureau provides a comprehensive look at Turkey’s crypto landscape, describing it as one of the most active crypto scenes globally. The video covers a wide range of topics, from Turkey’s impressive adoption levels to its key players and even its most notorious scandals.
Cultural and Geopolitical Importance of Turkey
According to Coin Bureau, Turkey is not just geopolitically significant but also has a rich cultural history. The country’s cuisine, its role as the site of some of the earliest human settlements, and Istanbul’s historical significance are all highlighted.
Staggering Levels of Crypto Adoption
Coin Bureau reports that crypto adoption in Turkey is remarkably high. A survey by KuCoin suggested that 52% of Turkish adults own cryptocurrency. This figure represents a growth of 12 percentage points over the previous 18 months, a period dominated by a bear market.
Key Players and Events
Coin Bureau identifies key Turkish figures in the crypto world, such as Emin Gün Sirer and Meltem Demirors. It also mentions that Istanbul is also a hub for major crypto events, including the upcoming Cosmiverse conference and regular fixtures like Istanbul Blockchain Week.
Leading Crypto Companies
Coin Bureau highlights BTC Turk and Paribu as Turkey’s two biggest crypto companies. Additionally, the video mentions that people can buy crypto over the counter in areas of Istanbul and that unofficial crypto vendors cater to Syrian communities in Turkey.
Reasons for High Adoption
Coin Bureau identifies Turkey’s history of high inflation as a significant factor for crypto adoption. The video also notes the appeal of stable coins like USDC and USDT as an inflation hedge in Turkey.
Coin Bureau states that trading and holding crypto are legal in Turkey, but using it for goods and services has been prohibited since April 2021. Despite this, there are apparently workarounds, such as real estate developers who accept crypto payments. Capital gains tax on crypto profits is said to be technically applicable but not strictly enforced.
Trading Volume and Market Outlook
Coin Bureau notes a 46% drop in trading volume in the first half of 2023 compared to the same period in 2022. However, it points out that this drop is less severe than in other countries like India and Indonesia. It also says that the Turkish crypto market is projected to grow at an average annual rate of 18.88% over the next five years.
The Dark Side: The Thodex Scandal
Coin Bureau discusses the case of Faruk Fatih Ozer, the founder of Thodex, who was sentenced on September 7 to over 11,196 years in prison for fraud, embezzlement, and money laundering. Faruk was reportedly caught in Albania, and his actual jail time might be a maximum of 28 to 32 years.
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