Many Turkish Banks Flock to Crypto

This week, two of Turkish largest banks have moved to enter the crypto market even though there is no legal framework yet.

Many Turkish Banks Flock To Crypto_65b97cd1bac6b.webp

While waiting for the law, many Turkish banks poured into crypto

The Turkish government is working on finalizing a new set of laws for the crypto industry. Although there is still uncertainty about the limitations that the new legal framework may bring, many domestic financial institutions are shifting their investment to this emerging sector.

On December 11, the investment arm of Akbank announced the acquisition of local crypto company Stablex. At that time, representatives from Ak Investment affirmed their dream to become an important representative in the digital asset space.

On December 12, another leading bank, Garanti BBVA, officially introduced their own crypto wallet. This application also provides cold wallets, allowing users to send and receive basic assets such as Bitcoin (BTC), USD Coin (USDC), and Ethereum (ETH).

According to a survey conducted by Chainalysis, Turkey ranks in the top 20 countries with the largest global cryptocurrency adoption index in 2023. At the same time, this is also the host country for the Ethereum Devconnect conference in this year.

many turkish banks flock to crypto 65b97cd1c02dd

Even so, the Turkish government cannot be considered supportive of Bitcoin. In 2021, the central bank banned the use of crypto in payments. However, the authorities have completely lifted this ban on cryptocurrencies, and announced a series of new bills that include crypto regulation, prioritizing cryptocurrency research with the metaverse, and testing CBDCs. Most recently, the regulatory framework for crypto tax collection is under the framework of the “Annual Action Program of the President of Turkey in 2024”.

Related: Brazil’s Largest Bank Launches Crypto Trading Service

While little is known about this legal framework, it is still considered part of a strategy to escape the “gray zone” list of the Financial Action Task Force on Money Laundering (FATF), for countries measures to combat money laundering and terrorist financing need to be overcome.


(100 votes)

Leave a Reply

Your email address will not be published. Required fields are marked *


What Is Cosmos Atom Information About Atom Token

Altcoin | Editor Choice | News | Research

What is Cosmos ATOM? Information about ATOM Token

What is Cosmos (ATOM)? Learn about the operating mechanism and outstanding features of Cosmos along with detailed information about the tokenomics of ATOM Token!

Important Update About Dogs Airdrop On Telegram

Airdrops | Editor Choice | News

Important Update about Dogs Airdrop on Telegram

DOGS on Telegram has announced important updates about their DOGS token distribution plan and the addition of a new "check-in" feature.

Azcnews Binance Delists Multiple Trading Pairs On Platform

News | Editor Choice | Policy & Regulations

Binance Delists Multiple Trading Pairs on Platform

Binance will delist specific spot trading pairs on July 26, 2024. The AVAX/TUSD, MATIC/TUSD, and VOXEL/BTC pairs will no longer be available for trading.

Altlayer Moves Up Alt Token Unlock Schedule, Mimicking Worldcoin

News | Altcoin | Editor Choice

AltLayer Moves Up ALT Token Unlock Schedule, Mimicking Worldcoin

The AltLayer (ALT) restaking solution has announced that they will move up the token unlock schedule to the present time.

Azcnews Large Inflows Into Ether Etfs On First Day Of Trading

News | Altcoin | Editor Choice

Large Inflows into Ether ETFs on First Day of Trading

Bloomberg ETF analyst Eric Balchunas described the $625 million trading volume, excluding Grayscale's ETHE, as "healthy" and anticipated that a "significant portion" of this amount would translate into inflows.