Coin Bureau's analysis of the Turkish cryptocurrency sphere.

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The Coin Bureau published a video yesterday that provides a comprehensive overview of Turkey's crypto industry, describing it as one of the most active cryptocurrencies in the world. The video covers a wide range of topics, from the impressive level of cryptocurrency adoption in Turkey to key players and even the most notorious scandals.

The Coin Bureau says Turkey is not only geopolitically significant, but also has a rich cultural history. Highlights the country's cuisine, its role as the site of some of the first human settlements and the historical significance of Istanbul.

Coin Bureau reports that cryptocurrency acceptance in Turkey is extremely high. A survey conducted by KuCoin found that 52% of adult Turks own cryptocurrency. The figure represents an increase of 12 percentage points over the previous 18 months, a period that has been plagued by a bear market.

Coin Bureau identifies key figures in the Turkish crypto community such as Emin Gün Sirer and Meltem Demirors. Istanbul is also mentioned to be the center of major crypto events, including the upcoming Cosmiverse conference and regular events such as Istanbul Blockchain Week.

Coin Bureau highlights BTC Turk and Paribu as the two largest crypto companies in Turkey. Additionally, the video mentions that people can buy cryptocurrency in cash in some areas of Istanbul and that unofficial cryptocurrency sellers are catering to the Syrian community in Turkey.

Coin Bureau points to Turkey's history of high inflation as one significant factor in cryptocurrency adoption.

Coin Bureau says trading and owning cryptocurrency is legal in Turkey, but using it for goods and services has been banned since April 2021. Despite this, there are workarounds, such as real estate developers accepting cryptocurrency payments. A tax on cryptocurrency gains is said to be technically applicable but not strictly enforced.

Coin Bureau sees a 46% decline in trading volume in the first half of 2023 compared to the same period in 2022. However, it is noted that this decline is less severe than in other countries such as India and Indonesia. It also says that the Turkish cryptocurrency market is projected to grow at an average annual rate of 18.88% over the next five years.

Coin Bureau discusses the case of Faruk Fatih Ozer, founder of Thodex, who was sentenced on Sept. 7 to more than 11,196 years in prison for fraud, embezzlement and money laundering. Faruk was reportedly caught in Albania and his actual time in prison could be a maximum of 28-32 years.