The Turkish lira became the most dominant fiat trading pair on Binance in the month of September, according to the crypto exchange’s research.
The lira accounted for 75% of all fiat volume in early September despite being the fourth-largest crypto market globally in terms of transaction volume after the United States, India and the United Kingdom.
The lira trading pair boom can be tied to the recent influx of crypto investors in the Turkish market. 27% of the participants in Binance’s research started their journeys as crypto investors within the last year, 8% of whom joined in the last six months.
Most respondents hold up to $175 (5,000 lira) in cryptocurrencies and prefer investing heavily in real estate. As shown below, the profitability factor is one of the biggest reasons for Turkey’s interest in crypto. Ease of monitoring, no minimum threshold and low transaction costs remain some of the notable drivers for new investors. The inherent risks associated with crypto contribute to the reluctance of many Turkish investors.
Over the last three years, crypto adoption in Turkey increased from 16% to 40%, and the country is ranked 12th on Chainalysis’ Global Crypto Adoption Index 2023. Turkey also received humanitarian aid in crypto during the 2023 earthquake.
Related: Binance launches Web3 wallet for its 150M registered users
While crypto adoption in Turkey shows no signs of slowing, the nation is reportedly drafting fresh regulations to govern crypto assets in its efforts to convince the Financial Action Task Force (FATF) to remove it from its “grey list.”
Back when the FATF placed Turkey on its grey list in 2021, Turkish Finance Minister Mehmet Şimşek clarified that Turkey had adhered to all but one of the 40 standards set by the watchdog — that was related to dealing with cryptocurrencies.
Şimşek cited plans to propose a crypto assets law to parliament to exit the grey list but did not specify the legal changes.
Magazine: Exclusive: 2 years after John McAfee’s death, widow Janice is broke and needs answers