Turkish Banking Giants Embrace Crypto as New Legislation Approaches
As Turkey prepares for new legislation in the crypto sector, major banking institutions in the country are making moves to secure their positions in the digital asset space.
Institutional adoption of crypto is on the rise in Turkey, with two of the country’s largest banking groups announcing their entry into the crypto market.
Akbank Acquires Crypto Firm Stablex
Akbank’s investment arm recently acquired local crypto firm Stablex, demonstrating its commitment to becoming a key player in the digital asset arena.
Garanti BBVA Launches Digital Wallet App
Garanti BBVA, another major bank in Turkey, has launched its own digital wallet app with a cold wallet function. This allows users to transact with Bitcoin, Ethereum, and stablecoins.
Turkey Ranks High in Crypto Adoption
Despite government efforts to slow down crypto adoption, Turkey consistently ranks among the top 20 countries in Chainalysis’ Global Crypto Adoption Index for 2023.
The number of crypto investors in Turkey continues to grow as the country deals with inflation in its fiat currency, the lira.
Anticipating Upcoming Legislation
Although Turkey’s central bank prohibited the use of crypto for payments in 2021, officials have not implemented a complete ban on digital assets. The upcoming legislation will provide clarity and regulation for the crypto sector in Turkey.
Hot Take: Turkish Banks Embrace Crypto Amid Regulatory Uncertainty
Turkish banks are embracing cryptocurrencies despite uncertainties surrounding impending regulations. Akbank’s acquisition of Stablex and Garanti BBVA’s launch of a digital wallet app highlight their commitment to the digital asset space. Turkey, known for its high crypto adoption, continues to attract crypto investors as the country grapples with inflation in its fiat currency. While the government has restricted the use of crypto for payments, it has not implemented a complete ban. The upcoming legislation will play a crucial role in shaping the future of the crypto sector in Turkey.
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