The company’s president noted the high level of digital asset adoption in the country

OKX crypto exchange launches localized Turkish platform

27.02.2024 - 10:35

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2 min

What’s new? OKX has launched a localized version of the crypto exchange in Turkey, local customers will be able to trade bitcoin, Ethereum, and USDT stablecoin paired with the local currency. OKX President Hong Fang described the country as a very important market for the company, noting the high demand for and adoption rate of cryptocurrencies and transaction volume. According to him, the use of bitcoin as a store of value is widespread among local investors.

Material by CoinDesk

What else is known? Cryptocurrency in Turkey has become widespread against the background of high inflation. At the moment, the authorities are preparing to implement a regulatory framework for the sector, and local banks Akbank and Garanti BBVA have started working with cryptocurrencies.

It has also become known that this year the Turkish government intends to introduce a tax on cryptocurrencies and tighten anti-money laundering (AML) requirements for industry companies. The latter initiative is aimed at improving the country’s FATF rating.

Earlier this month, OKX stopped providing services in Uzbekistan and also faced accusations of operating without a license from an industry association in South Korea.

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At the same time, OKX began working with Hong Kong’s first licensed crypto exchange, HashKey, to develop blockchain infrastructure in the local market.

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