Turkish Banks Venturing into Cryptocurrency Markets - Latest cryptocurrency news

Turkish Banks Venturing into Cryptocurrency Markets

In Turkey, some banks, even if they are foreign-based, have started to take steps related to cryptocurrency markets. Akbank, one of Turkey’s largest private banks, with an asset size of 94 billion dollars, acquired the majority shares of Stablex Information Technologies Inc. through Ak Investment and signaled that it would take significant steps on the crypto platform.

Although Akbank’s share purchase was signed in May, the shares were only recently acquired. This move is seen as a reflection of Turkey’s preparation for the globally strengthening cryptocurrency market. Traditional financial institutions expect an increase in crypto demand in the coming years, especially in the institutional segment, following the easing by the Fed.

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The coming year will be decisive for the future of cryptocurrencies; steps are expected to be taken on many issues, from taxation and legal regulations to eliminating uncertainty related to official transactions in the market. This situation will also pave the way for banks to offer crypto custody and exchange services.

Garanti BBVA announced that it started testing crypto services in August 2023 and plans to offer this service to customers next year. It is observed that Turkish banks continue their efforts to provide crypto investment services to their customers, just like the world’s largest financial institutions.

In Turkey, following the approval of ETFs, the introduction of Bitcoin-indexed individual retirement products and the possibility of direct asset custody and trading through bank applications may not be too far away.

Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.
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