Since 2017, when the cryptocurrency industry started growing rapidly, there have been several identified crypto hubs. Now, analysts are wondering if Turkey is going to be the next big crypto hub.
These conclusions were affected by several recent announcements. First, Huobi, one of the largest crypto exchanges, announced that it is looking at Turkey as its next expansion destination.
Binance, another big name in the crypto exchange industry, has also released a recent statement in a Turkish media source, claiming that the country has the potential to become the crypto hub of the whole region.
New Crypto Hub
Several factors make Turkey an excellent destination for the next big crypto hub. The country is located in a critical border region between Europe and Asia, which means that crypto companies that set up shop there will have smooth communication with both continents. This, of course, means that the potential market is more prominent.
Not only that, but Turkey is yet to adopt any definitive cryptocurrency legislation, which means the country still can introduce welcoming regulations. If the government passes a well-structured regulatory framework when it comes to cryptocurrency, many businesses will be attracted to Turkey as a destination.
Last but not least, Turkey has solidified a position as one of the better-developed crypto markets globally. Interest towards cryptocurrencies and blockchain technology are on the rise all over the country, and this is an excellent prerequisite for a successful establishment of the next big crypto hub.
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