Cryptocurrency Exchange OKX Launches OKX.TR, a localized platform tailored for Turkish traders。The new exchange offers trading pairs denominated in Turkish Lira (TRY) to meet the country's growing interest in digital assets.。

Economic Challenges and Adoption of Cryptocurrencies under Government Leniency

OKX originally announced its foray into Turkey in early 2023, reflecting the exchange's strategic vision to tap into emerging markets.。OKX.TR Launches USDT / TRY, BTC / TRY, ETH / TRY and Other Trading Pairs。

The move comes as Turkey faces economic challenges, including soaring inflation, prompting many residents to seek refuge in cryptocurrencies.。Despite the uncertainty, the Turkish government has shown a relatively liberal attitude toward cryptocurrency activity, likely recognizing its widespread use and the potential consequences of alienating a sizeable segment of the population.。

In an interview with CoinDesk, OKX President Hong Fang stressed the importance of Turkey as a key market for cryptocurrency adoption。Fang said: "Turkey is a very important and special market for us.。It ranks high in cryptocurrency adoption and cryptocurrency trading volume。There is a natural tendency in Turkey to look for the value of Bitcoin, especially for wealth preservation。"

Major Turkish banks such as Akbank and Garanti BBVA are also involved in the cryptocurrency space, indicating the country's growing regulatory environment and acceptance of digital assets.。

OKX Middle East Fintech FZE gets VASP license from Dubai VARA

Earlier, cryptocurrency exchange OKX's Dubai-based subsidiary OKX Middle East Fintech FZE announced it was awarded a virtual asset service provider license from the Dubai Virtual Assets Regulatory Authority (VARA), Finance Magnates reported.。The license allows the company to offer virtual asset exchange services。

Dubai, a prominent emirate in the UAE known for its supportive environment for service-oriented businesses, recently implemented cryptocurrency regulations through a framework and established VARA as a dedicated regulator to oversee the industry.。In addition, the company operates in a number of locations including Hong Kong, the Bahamas and France.。