Crypto-Friendly Xapo Bank Enters Indian Market

KONKRIT NFT Platform Offers Exclusive Reservation Tickets for Hyundai Card’s Cultural FestivalModern Lion, an NFT marketplace operator in South Korea, recently announced that its NFT trading platform KONKRIT has the exclusive privilege of offering reservation tickets to the upcoming Davinci Motel festival. This cultural event is organized by Hyundai Card, the nation’s renowned credit card company.Distinguished artists and speakersScheduled from September 15 to 17 in Itaewon, Seoul, the Davinci Motel festival will feature performances by distinguished Korean artists. Among them are K-pop singer Lee Hyo-ri, crossover vocal ensemble LA POEM, violinist Park Soe-ye, and pianist Kim Hong-gi.Additionally, attendees will have the chance to engage with NFT artist Tom Sachs as he shares insights pertaining to his artworks. Meanwhile, former LPGA golfer Annika Sorenstam will give tips on hitting the sweet spot and former anchor and current TV personality Jeon Hyun-moo will offer intriguing perspectives on his life’s journey.NFTs as ticketsReservation tickets are available for purchase in the form of NFT on the KONKRIT app. The utilization of blockchain technology within this system serves to address persistent problems associated with concert ticketing, such as ticketing bots, unauthorized resales, and illicit secondary markets.Modern Lion allows customers to use a credit card to buy NFT tickets, reducing purchase barriers and facilitating easier access to the show.Lee Ji-hun, Managing Director at Modern Lion, noted that the company has leveraged blockchain technology to tackle ticketing issues and ensure a seamless experience for customers throughout the entire journey of the event, from ticket purchasing to performance enjoyment. Lee underscored Modern Lion’s dedication to enhancing user satisfaction by integrating Web3 technology into the KONKRIT app.

Turkish Lira emerges as dominant fiat trading pair on BinanceThe Turkish Lira (TRY) claimed the top spot as the most influential fiat trading pair on Binance throughout the month of September, as per the latest research from the leading cryptocurrency exchange.Photo by PublicDomainPictures on Pixabay75% of all fiat volumeAccording to a report by Cointelegraph on Friday, despite being the fourth-largest crypto market globally in terms of transaction volume, following the United States, India and the United Kingdom, the Turkish Lira commanded a staggering 75% of all fiat volume in early September. This surge in the TRY trading pair is attributed to a recent influx of crypto investors into the Turkish market.In its analysis last month, crypto market data provider Kaiko put Turkish Lira dominance at 81% on Binance. Kaiko also pointed to growth in the volume of the Brazilian Real on Binance, while dominance of the British Pound and the Euro were fading.It’s important to note that the disproportionate level of lira-based fiat volume on the Binance exchange may also have come about due to difficulties Binance has had in recent months in keeping various fiat on and off-ramps open. In June Binance US suspended USD deposits while pausing fiat withdrawals.It has also faced disruption when it comes to Euro payments, withdrawals and deposits. In May Binance Australia users experienced difficulties relative to AUD deposits and withdrawals following a decision to terminate the availability of PayID services to Australian account holders.27% new crypto sector participantsBinance’s research revealed that 27% of participants in Turkey initiated their crypto investment journey within the past year, with 8% joining in the last six months alone. Most respondents indicated holding up to $175 (5,000 TRY) in cryptocurrencies, expressing a strong inclination towards investing in real estate.The profitability factor emerged as a significant motivator for Turkey’s interest in crypto, with ease of monitoring, no minimum threshold, and low transaction costs standing out as key drivers for new investors. However, the inherent risks associated with crypto investments contribute to the hesitancy observed among many Turkish investors.The evolving landscape of crypto adoption in Turkey is evident in the statistics, showing a substantial increase from 16% to 40% over the last three years. Chainalysis’ Global Crypto Adoption Index 2023 ranks Turkey at 12th place. Moreover, the country received humanitarian aid in the form of cryptocurrency during the 2023 earthquake, underscoring the growing integration of digital assets in various aspects of Turkish society.Protecting long-term wealthA report by KuCoin earlier this year identified a marked increase in crypto investors in Turkey. It found that one of the main motivations for the pursuit of crypto investments in Turkey was the desire to create long-term wealth. Recent years have seen the Turkish sovereign currency suffer from runaway inflation. Recent data put the year-on-year inflation rate at 59%.It’s likely that the ongoing loss of buying power of the Turkish Lira is a key motivator for Turkish citizens in choosing to onboard into crypto, in an effort to safeguard their savings and wealth.

Turkey crafts new crypto regulations with FATF grey list removal objectiveIn an effort to secure removal from the Financial Action Task Force’s (FATF) “grey list,” Turkey is in the process of crafting new regulations governing crypto assets.The FATF, established by the Group of Seven (G7) advanced economies, serves as a guardian of the international financial system. It’s an international organization dedicated to combating financial crimes, which added Turkey to its “grey list” in 2021. In 2019, it cautioned Turkey about significant deficiencies in procedures for freezing assets linked to terrorism and the proliferation of weapons of mass destruction.Photo by Michael Jerrard on UnsplashCrypto compliance for FATF upgradeTurkish Finance Minister Mehmet Simsek recently discussed this matter with a parliamentary commission, according to a report published by Reuters. Simsek highlighted the FATF’s evaluation of Turkey’s adherence to 39 out of the 40 standards set by the organization. The single outstanding issue pertains to crypto assets, and Simsek revealed plans to introduce a crypto assets law in parliament to address this concern. However, he did not delve into specific legal changes.The Turkish government is taking action to align with international standards and remove the shadow of the “grey list.” The Turkish Presidential Annual Program for 2024, as published in the Official Gazette of the Republic of Turkey on October 25, outlines a commitment to establish comprehensive cryptocurrency regulations in the country by the end of 2024. Within the extensive 500-page document, Article 400.5 sets the goal of providing clear definitions for crypto assets, potentially subjecting them to taxation in the future.Additionally, the document seeks to establish legal definitions for crypto asset providers, including cryptocurrency exchanges. However, it refrains from specifying the finer details of the upcoming regulatory framework.Crypto popularityTurkey has been an outlier in terms of cryptocurrency use by comparison with many of its international peers. A report by KuCoin earlier this year validated that reality, indicating a significant increase in the number of crypto investors in Turkey over the course of the previous 18 months. In the aftermath of a devastating earthquake which hit the country on Feb. 6, crypto was reported to have been used as a means to get aid to those affected quickly and easily.However, developments in the crypto space have also included difficulties. It was reported in July that the use of crypto for the earthquake relief effort in Turkey was also being used as a cover by an affiliate of the terrorist group ISIS to launder money and receive funding. Turkish users of the Thodex crypto exchange platform were the victims of fraud in 2021, with the founders of that business having been sentenced for that fraud in September. In 2021 the country moved to ban crypto payments against a background that has seen the Turkish lira experience hyper-inflation.CBDC developmentTurkey’s central bank has been making strides in the digital currency arena, successfully conducting the initial trial of its central bank digital currency (CBDC), the digital lira, by December 2022. The central bank has expressed its intention to continue testing and exploring digital currency development throughout 2024.The move to enhance regulation and compliance in the crypto sector in Turkey aligns with global efforts to ensure transparency and accountability in financial systems.