Crypto Turkey 2023: Bullish on Regulator’s Lead

Crypto Turkey 2023: Bullish on Regulator’s Lead

While the year 2022 was taunted as the most challenging year for the crypto industry worldwide, Turkey went ahead with planned innovations that anticipate more users in 2023.

Barely a day before the turn of the new year, Turkey announced that it has completed the first set of tests for its digital currency and will use a blockchain-based digital identity that Turkish can use to access public services.

In anticipation of the local market growth WOO Network earmarked roughly $5 million (₺100 million) for technical infrastructure and liquidity in the country, announced by Ali Buğra Gökağaçlı, WOO Network Turkey Country Manager.

“As a quick recap,  2022 was quite challenging for the crypto market. The decline in the market demoralized investors. Apart from the recent events, especially with FTX and FTXTR, the Fed's interest rate hike after years also led to a decline in both global stock markets and cryptocurrency markets.

However, we see 2023 as a year of building,  an opportunity to improve our products and better serve our users. WOO Network will continue to build a stronger presence with our team of experts here inTurkey,” Gökağaçlı noted.

Predictions for this year

Gökağaçlı said while it is not possible to predict events with certainty, Turkish crypto regulations are expected to be finalized in 2023. “It may be the most heated year for regulation.”

Even while there is a crypto winter, Turkey has 54% of users buy or sell digital currencies at least once a month. About 10 million Turkish citizens have purchased cryptocurrencies at least once.

“Although there has been a decline in prices, the industry continues to grow and bring innovation. Many things are now adapting to blockchain technology. In 2023, we may see good developments in Web 3.0 and NFT. In this way, the adoption rate will also increase,” Gökağaçlı said.

In 2022, the country's money lost 29% of its value, making it one of the worst-performing emerging market currencies. This drove many to use crypto assets apart from the country’s high inflation. Its young population wants to try new trends after hearing crypto success stories through word of mouth.

Price movements

Gökağaçlı said one of the top topics that traders are curious about is the price movements in 2023.

“In 2023, the most important agenda item will be the interest rate hike policies of the Fed, BoJ [Bank of Japan], BoE {Bank of England], and ECB [The European Central Bank]. In my opinion, as the demand for commodities increases with the ending of China’s “0 Covid policy,” the interest rates of foreign central banks will remain high; therefore, crypto prices are expected to hover between certain levels,” Gökağaçlı noted.

WOO Network Turkey Milestones

Gökağaçlı said that WOO Network Turkey is well positioned for this year with the milestones that it accomplished in 2022.

“We have obtained one of the most important security standards, ISO 27001:2013, which is an internationally recognized guarantee for the protection of our users' assets and data. We’ve also invested a lot in physical servers. Having our servers in Turkey has several different advantages. First, the personal data of our users is kept within the country. In this way, the storage and processing of user data are carried out in accordance with the laws in Turkey,” he said.

Transparency

With transparency as among the guiding themes for 2023, in light of the FTX debacle, Gökağaçlı noted that WOO Network Turkey has put in place a number of steps to ensure the trust of the users.

“All of our transactions are open to audit by relevant Turkish public authorities and organizations. In this way, in the event of any damage to the assets or data of our users, the examination and guidance requests of the public authorities in our country can be fulfilled in real-time.

Gökağaçlı highlighted that WOOTR's financial statements are fully certified by KPMG on a quarterly basis.

“Another advantage of our servers being located in Turkey is that Turkish Courts will be able to obtain information from WOOTR, in case of a possible legal dispute between WOOTR and the corporation. In this way, the legal rights of our users are secured in a better way” Gökağaçlı said.

One of the milestones of WOO Network is building out a first-of-its-kind comprehensive dashboard of assets and liabilities that updates every fifteen minutes, setting new standards of transparency for CeFi.

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The content of this document has been translated into different languages and shared throughout different platforms. In case of any discrepancy or inconsistency between different posts caused by mistranslations, the English version on our official website shall prevail.

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