OKX announced its imminent launch in Turkey as the nation finalizes its new crypto regulation. The launch follows several major criminal cases that have hurt crypto investors.
OKX launched its new OKX TR platform to Turkish users amid a rollout of crypto regulations that follow a spate of criminal behavior that has harmed many.
How OKX is Expanding Its Business
OKX said its new platform will be customized for users in Turkey. The crypto exchange has partnered with several banks to offer easy crypto onramps.
Traders in Turkey will be able to patronize OKX with the following trading pairs: USDT/TRY, BTC/TRY, and ETH/TRY. Turkish users can access the global OKX crypto wallet with multi-party computation and account abstraction features.
Mehmet Çamır, the chairman of OKX TR, said he was excited to bring the exchange to Turkish users. He envisions the project as part of Turkey’s goal to be a hub for Web 3 innovation. The exchange recently showcased its advancements in Bitcoin inscriptions with its new marketplace.
Read more: OKX Review 2024: A Comprehensive Guide to the Leading Crypto Exchange
Turkey recently showcased its Web3 ambitions by hosting Binance’s Blockchain Week in November last year. A venue straddling the border between Asia and Europe hosted 2,000 people in a splashy event with presentations from Animoca Brands, Trust Wallet, and Chiliz.
OKX Launches Before Turkey’s Crypto Regulations
The launch of OKX TR comes as the government’s finance department seeks to promulgate new crypto regulations. The drive for new regulations came in November after the Financial Action Task Force placed Turkey on the grey list. Turkey’s Finance Minister Mehmet Simsek signaled the government’s intent to fix this last November.
There have also been high-profile criminal cases that have prompted the new regulations. The conviction of former Thodex founder Faruk Faith Özer and Binance’s money laundering misdemeanor have tainted the region’s reputation.
Besides creating new rules for money laundering, the new regulations address capital requirements, organizational arrangements, the suitability of founders and managers, and infrastructure requirements. Turkey’s Minister of Treasury confirmed that the regulations are in their final stage as of January 2024.
Read more: Crypto Regulation: What Are the Benefits and Drawbacks?
A survey by KuCoin last year found that Turkish citizens looking to escape the devaluation of the Turkish Lira favored cryptocurrencies. This is only one piece of the puzzle, as a recent journal paper profiling Turkish users found that the remainder uses crypto for trading and investment purposes.
“Our study of Turkish cryptocurrency owners reveals the existence of three distinct groups with different motivations for owning cryptocurrency. They can best be described as follows: (1) The first group, payment users, see cryptocurrency as a means of making payments and are not concerned with its speculative value; (2) The second group, crypto investors, are experienced investors who hold cryptocurrency as part of their investment strategy; (3) The third group, crypto traders, are risk-tolerant individuals who engage in trading activity,” said Lennart Ante et al.
It is not known exactly when the new crypto regulations will be finalized. BeInCrypto has contacted the Turkish Finance Ministry for exclusive comments but has not heard back at press time.
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