Crypto Market Research: India, Turkey

The Open Platform
6 min readApr 6, 2023

Note from First Stage Labs: This public article is the result of an internal report conducted between December 2022 and March 2023.

How we collected the data

This report presents an overview of the market research conducted in India, and Turkey, based on the insights gathered from in-depth interviews with crypto investors and traders from the countries mentioned above.

In this report, we would like to cover the following topics:

  • Crypto market overview
  • Crypto trading and investing behavior
  • Telegram and TON awareness

Before we begin, it is important to note that the insights presented in this report reflect the perceptions of a specific group of crypto investors and traders from India, and Turkey. The results may differ from those of other target audiences with different criteria or perspectives.

Crypto Market Overview

This overview provides a summary of the current state of the cryptocurrency market in two countries: India, and Turkey, including insights into the factors that may be influencing the performance of the crypto market in these countries.


India is a growing cryptocurrency market, with the use of digital currencies on the rise. Despite some uncertainty about tax regulations and confusion about some terms, people are generally optimistic about the prospects of crypto.

There has been a significant increase in the number of shops and restaurants that accept cryptocurrency as payment. This trend is particularly evident in major cities such as Mumbai, Delhi, and Bangalore, where a growing number of businesses are beginning to embrace digital currencies as a means of payment. Bitcoin, Ethereum, Ripple, and Litecoin are among the most widely used cryptocurrencies in India.

Furthermore, the increased popularity of cryptocurrency investments in India can be attributed to a higher rate of return compared to traditional investment options such as the stock market or mutual funds. In recent years, the Indian stock market has experienced significant fluctuations, leading many investors to turn to cryptocurrency as a more stable investment option. As a result, the number of cryptocurrency exchanges and trading platforms operating in the country has increased, giving audiences easy access to digital assets.

Overall, people in India have a positive outlook on the future of cryptocurrency. Many believe that digital currencies have the potential to revolutionize the financial industry and promote financial inclusion in the country. Thus, there has been a growing interest in blockchain technology and its potential applications beyond just cryptocurrency.

Prior to 2022, the Indian government had no official stance on the classification of crypto assets or the subsequent taxation of Bitcoin and other cryptocurrencies. But recently, the Indian authorities acknowledged cryptocurrencies in India by classifying them as Virtual Digital Assets (VDAs).

Virtual Digital Assets (VDAs) — cryptocurrencies, NFTs, tokens, and other digital assets.

Predictably, it has caused some concern among investors and traders. While some people believe that the tax will make it more difficult to invest in cryptocurrency, others see it as a positive development that will increase the legitimacy of digital currencies in the eyes of the government and the broader public. Some individuals are also choosing to hold onto their crypto assets, hoping that the tax will be reduced in the future or that the growth of their assets will outpace the sum of the tax.

Regardless of unfamiliarity and insufficient knowledge, many Indians are still investing in cryptocurrency, demonstrating a strong belief in the long-term potential of digital currencies. As the market evolves and regulations become clearer, it is expected that the use and adoption of cryptocurrency in India will continue to grow.

In recent years, there has been a significant increase in the number of blockchain products and services available in India, including non-fungible tokens (NFTs). Nevertheless, many people in India still prefer to trade cryptocurrency rather than buy NFTs or use other blockchain products.

One possible explanation for this preference is the inadequacy of information about these products. NFTs, for instance, are a relatively new concept that can be difficult to grasp for those who are not familiar with blockchain technology. Additionally, the use cases for other blockchain products, such as decentralized finance (DeFi) or digital identity management, may not be apparent to an average investor or trader.

Another possible explanation is that the Indians prefer to invest in something that is more familiar and well-established. Cryptocurrency has been around for over a decade and has gained significant mainstream attention in recent years, making it a more common investment option. In contrast, NFTs and other blockchain products are still relatively new and untested, making them a riskier investment option for some.


Unsurprisingly, the Turkish crypto market is showing significant growth as more traders and investors choose Binance Global/Turkey as their preferred exchange.

Due to the high inflation rate in Turkey, many individuals are turning to cryptocurrency as a way to protect their wealth from the devaluation of the Turkish Lira. The current inflation rate in the country stands at a staggering 57% as of February 2023. As such, cryptocurrency is seen as a more stable investment option that can provide a hedge against inflation. Bitcoin, in particular, has grown in popularity as a means of storing value, given its limited supply and decentralized nature. In addition to Bitcoin, many citizens in Turkey are also investing in other cryptocurrencies such as Ethereum and Binance Coin in order to diversify their portfolio and potentially profit.

While the government’s ban on accepting crypto as payment is currently in place, there is a growing conviction among Turkish crypto enthusiasts that this ban may be lifted in the future. This opinion is fueled by the increasing popularity of cryptocurrency in the country and the fact that many individuals see it as a viable alternative to traditional currency. However, while there have been rumors about the potential taxation of crypto investments, many participants are skeptical that the government will follow through with such measures, citing the upcoming election and poor cryptocurrency expertise among the government officials.

Even though Turkish traders and investors are aware of NFTs and other blockchain projects, there is a difference in opinion among them. Some see NFTs as an easy investment tool to generate quick profits, while others consider them time-consuming and not worth the effort, despite believing in the underlying technology. However, there is a general consensus that these technologies are still in the early stages of development and may take some time to reach their full potential.

Crypto Trading and Investing Behavior

Crypto market is known for its volatility, with prices frequently fluctuating in response to market conditions. Still, many crypto enthusiasts continue to trade and invest in cryptocurrencies, believing in the long-term potential of this asset class.


In bear market conditions, the Indians behave in two different ways: half of them stop trading whatsoever, while the other half actively engage in investing in crypto. This demonstrates the diverse attitudes towards crypto in India, where the government has been hesitant to embrace this capital market. However, the bearish market trend has also led some Indians to reconsider their approach to investing in crypto, with many taking a more cautious approach to trading.


The present downward trend in the crypto market has prompted slightly noticeable changes in the trading behavior of Turkish crypto investors and traders. Although the majority of them persist in purchasing and trading crypto assets, they have opted for a more cautious approach, characterized by lower risk-taking tendencies. Additionally, some traders have resolved to enrich their knowledge of the crypto industry by learning programming and exploring other avenues that enhance their comprehension of crypto. This shows that Turkish crypto investors and traders remain optimistic about the potential of crypto despite market volatility and are willing to adjust their trading tactics to align with the market situation.

Telegram and TON Awareness

Telegram, as one of the most widely used messaging apps, has established itself as a crucial platform for crypto enthusiasts globally and is strongly associated with the crypto market among crypto traders and investors from India, and Turkey. However, they have different reasons for using Telegram, such as maintaining privacy, staying connected with business partners.
Although the majority of participants use Telegram primarily for receiving crypto-related news and updates, they do not perceive it as a substitute for other messaging apps used by their acquaintances, friends, and family members.

In recent years, blockchain technology and cryptocurrencies have become increasingly popular worldwide, and TON is one such blockchain that has gained significant attention from the crypto community.

During the conducted research with crypto enthusiasts, it was observed that participants held a favorable initial impression of Toncoin. This was primarily due to their evaluation of specific factors such as Toncoin’s ranking on CoinMarketCap, its highest and lowest market price, Whitepaper, and the development team.

What’s next?

Our research team will continue to conduct market research in various countries and offer valuable insights into the current market state, potential customer behavior and preferences, and competitive landscape.

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