Huobi Intends to Open Fiat Gateway with Lira-Tether in Turkey

Cryptocurrency

The cryptocurrency space has come a long way over the past five years, and one of the more important members of a growing ecosystem has been the global crypto exchange Huobi. The company has done a lot to increase awareness about the crypto sphere and in turn, has been one of the biggest contributors towards the current popularity of crypto.

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In a new development, Huobi announced that it is on the verge of launching a new fiat gateway for a customer in Turkey. It will open as many as 250 crypto tokens for users in Turkey instantly, and it seems that this is in response to the latest crypto framework that is being put forward by the country.

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The crypto ecosystem is already functional in Turkey, and people in the country already hold crypto tokens. However, this particular move from Huobi will make it possible for the company to swiftly satisfy all the requirements of the regulatory framework in Turkey. The company is going to unveil its new fiat gateway in Istanbul at the Eurasia Blockchain Conference. Huobi has been looking to enter the Turkish market for some time, and the company revealed in June that it was exploring ways to enter the new market.

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Mohit Davar, the company’s regional president, stated that Huobi has been working with one of the leading banks in the country in order to build the fiat gateway. However, he refused to divulge the name of the bank in question. He stated that the company had been in talks with the bank and is working on the biggest concerns voiced by the powers that be. Davar said, “I think generally where there is not a clear regulatory framework in the market, it’s been left to the discretion of the banks to make their own decision.” It is a major new step for Huobi and one that is going to be closely watched by the market.

Featured image: DepositPhotos © Piter2121

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