- Coinbase and KuCoin applied for a license to operate in Turkey
- Crypto adoption in Turkey saw considerable growth with over $1.7 billion in revenue
As a researcher who has been tracking the crypto market for years now, it is truly fascinating to witness its expansion into new territories, such as Turkey. From my observations, the surge in crypto adoption and revenue in this region is not just a flash in the pan but a long-term trend that seems to be gaining momentum.
Cryptocurrencies have become widespread among various age groups and geographical regions, moving from being a specialized or “niche” market to one that’s increasingly mainstream as time goes on.
As a researcher studying the realm of cryptocurrencies, I wouldn’t be surprised if the assumption were made that these digital assets would primarily operate within their native regions. However, the cases of Coinbase and KuCoin serve as compelling counterexamples to this notion. These global platforms have successfully expanded their reach beyond their local territories, demonstrating that the landscape of crypto-entities is indeed more dynamic than it may initially seem.
Coinbase and KuCoin make a move
Two major global cryptocurrency trading platforms, Coinbase and KuCoin, have submitted applications to legally operate within Turkey. As per a report from the Turkish Capital Markets Board, 29 additional exchanges have also applied for licenses since August 9th, bringing the total number of applicants to 76 – a significant increase compared to the previous count of 47.
These apps are adjusting their operations due to the recent Turkish law enacted a month ago – “The Capital Markets Law Amendment.” This legislation has brought stricter regulations for crypto asset service providers, causing all trading platforms to pursue licensing approval.
Crypto adoption in Turkey
Over the past ten years, I’ve noticed a significant surge in cryptocurrency usage within Turkey. By the year 2024, it’s anticipated that this trend will continue, with user penetration potentially reaching 30.24%. This number could even grow further in the following year, 2025.
The increase in the hike (mentioned earlier) can be attributed to an influx of more local cryptocurrency exchanges and the intensified regulatory efforts by the authorities on the crypto markets.
An increase in cryptocurrency adoption is projected to drive the average earnings per user in Turkey up to approximately $66.1 by the year 2024. By this same prediction, total revenues are expected to surpass $1.7 billion.
By 2025, the country is expected to see exponential growth with more than 26 million users.
Currently, even though the projected revenues for 2025 suggest a decrease, given the increase in user count, the entrance of prominent exchanges such as Coinbase and KuCoin could potentially alter these projections.
As someone who has been closely following the crypto market for several years now, I have to say that the growth of the Turkish crypto market this year has truly caught my attention. Coming from a background in finance and technology, I have seen firsthand how the landscape of digital assets can transform rapidly, but Turkey’s progress has been exceptional.
Additionally, the widespread acceptance has resulted in a significant shift in the user base. Men largely make up the majority of users in this country, whereas individuals aged thirty or older account for more than half (52%) of the crypto users and investors.
What it means for the crypto market
Introducing significant cryptocurrency exchanges into Turkey’s market could significantly influence the landscape. These companies may successfully expand their user base, leading to an increase in wallet addresses and boosting overall trading activity.
As an analyst, I can confidently state that the surge in the Turkish crypto market is imminent, given the presence of compliant digital asset exchanges. This growth is expected to boost revenue, trading volume, and active addresses significantly. Consequently, this positive trend will likely cause a shift in the projected decline in revenue for 2024, as it attracts more users to the market.
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2024-08-18 00:08