Turkey by far is a country that has set the pace for Crypto and NFTs embracement. Turkey made history by becoming the first country to include NFTs education into its curriculum. Early this year, the popular Ankara University in the capital city of Turkey, Ankara organized the inaugural lecture on NFTs education. The groundbreaking event further set the tone for Turkey’s involvement in Crypto and NFTs. The University is the first Tertiary institution established in the country after its creation in 1923.
The Inaugural lecture witnessed the presence of the Deputy Minister of Culture and Tourism, Özgül Özkan Yavuz. Ali Taha Koç, the director of the Turkish Presidency Digital Transformation office also witnessed the lecture. The presence of these two top government officials further illustrates how the Turkish government is rallying for Crypto and NFTs.
Without a doubt, the Turkish government is obviously expecting the introduction to reflect in its economy. Yavuz reflected on the conclusion of the inaugural lecture. Her words illuminated the government’s position on the NFTs industry. She revealed that the addition of NFTs education into the educational curriculum will aid the popularity of NFTs in Turkey. She also added that the Turkish government believes NFTs can encourage youths to build a niche for abilities in creative Art.
Furthermore, the Turkish government hopes to bank heavily on the industry. The Deputy Minister added that the government is open to supporting students to trade their NFTs collections during government expositions. The development resulted in a massive surge of NFTs artists in the country.
Turkish Artists are utilizing different apps to design and trade NFTs. Notable artists like Refik Anadol, Cem Yilmaz among others are conversant with Ethereum-based platform in regards to designing and selling NFTs. However, Refik Anadol is leading the charge for the NTFs Artists generation in Turkey. His partnership with bigwigs like Microsoft, Epson, Standford, Havard, and Google has illuminated the presence of Turkish artists in the world.
The foregoing has massively contributed to the growth of NFTs and Cryptocurrency in Turkey. Cashless payments are currently dominating the economic space of the country. Lately, Cashless payments in Turkey are above 50% of all transactions, which further reflects how the cryptocurrency and NFTs country has influenced people in Turkey.
Regulating the Industry
According to reports In Turkish local media, the President of Turkey, Recep Tayyip Erdoğan has announced the readiness of crypto law. Late last year, the Turkish Lira endured a damaging dip against the US dollar as a result of Inflation. Investors resorted to the use of Crypto and NFTs to save the situation.
The foregoing provoked the president to find every positive means to save the unsettled economy. In April 2021, it became illegal to use crypto as a means of payment in the country. Nevertheless, Citizens can still invest in the industry and hold Crypto and NFTs as assets. Additionally, Cryptocurrency trading on a p2p scale is still legal within Turkey. Crypto trading platforms are still operating while investors can trade crypto as an investment instrument.
In Turkey, various governmental agencies are working on the diverse aspects of crypto assets. The Financial Crimes Investigation Board (MASAK) sternly monitors crypto service providers (crypto exchanges) on AML and abidance issues. The central bank is governing the payment aspect of crypto assets. Also, the Capital Markets Board (SPK) governs the crypto market, including ICOs and token offerings in a case-by-case manner.
Lastly, Asian countries are leading the surge in NFTs investment. This is a result of the heavy presence of NFTs game in their social space. Countries like Philippines, Thailand, Malaysia, and UAE are notable countries in this category.