Huobi plans to expand into Turkey with a Tether Lira trading pair on its platform. As per the official press release, Huobi expects the trading pair to go live by the end of the year.
The exchange is making efforts to enter the Turkish market since it identifies it as an important market as per the current number of cryptocurrency owners. To accomplish this, it will offer customer support in the local language from a dedicated outpost. Turkish language support is already available on the website.
Livio Weng, the Global chief executive officer of Huobi, said that Turkey holds a special place in its expansion plans. The country has a thriving cryptocurrency market scene. Huobi would very much like to bring its advanced platform, extensive industry experience and trusted market reputation to this mix. An overhaul of this unsaturated market is long overdue and Tether lira trading pair would be instrumental in tapping into this opportunity.
Tether Lira trading pair to go live by December 2019
Huobi wants to begin trading operations in the Tether Lira trading pair by the end of 2019. Tether has been chosen since it is a stablecoin and more volumes in the region. Additionally, data suggests that more than twenty percent (20%) of people in Turkey own a digital coin. Notably, this is the highest number for a country in the European region. Lira is the fifth-highest popular trading pair in the crypto realm.
Turkish cryptocurrency regulations still unclear
Regulations are one area that Huobi isn’t too sure about. Despite a large number of cryptocurrency owners, Turkish laws are still not clear about digital assets. This makes decentralized assets an attractive alternative to the country’s crisis-plagued fiat.
Onur Atam, the co-founder of Coin Turk, says that until the country’s regulatory authorities make clear laws, the crypto scene will remain uncertain. The tax regulations need to be amended to deal with virtual money. Additionally, Turkish investors also face religious issues such as the compatibility of Islam with digital assets, particularly cryptocurrencies.