by Rubab Fatima
Swiss fintech firm Taurus is set to launch cryptocurrency custody services through Turkish digital bank BankPozitif, which will help Turkey’s fintech space step into digital assets.
On Monday, BankPozitif made the announcement regarding its strategic partnership with the bank, where institutional clients will be able to soon store digital assets with the bank in a secure manner. To be live by 2025, and for now, it will support top five cryptocurrencies by market capitalization Bitcoin (BTC), Ether (ETH), Tether (USDT), XRP, and Solana (SOL).
BankPozitif Secures Crypto Custody License in Turkey
Turkey’s young demographic, high financial literacy and digital prowess are key reasons for demand for its sophisticated cryptocurrency market, a BankPozitif spokesperson says. “Crypto is a very hype topic. The spokesperson also told that we believe other players will also be active in Turkish market.
Erkan Kork, chairman of the bank, said that BankPozitif has received from Turkey’s Capital Markets Board (CMB) a crypto custody license. They have also obtained bank’s local crypto subsidiary, PozitifKripto, a service provider license, indicating BankPozitif’s continued forays into the crypto sector.
“We have met the requirement for a temporary permit authorization before us that we say we are affiliated with a Capital Markets Institution.” Starting now, we will begin the phase of setting up of the process inside the bank with business rules Kork stated in a LinkedIn post last month.
BankPozitif is among 88 companies which have announced that they comply with Temporary Article 11 of the Capital Markets Law No. 6362, based upon CMB data. Nevertheless, the regulator noted that the list does not mean automatic authorization under existing legislation.
Taurus Expands in Turkey via BankPozitif
The partnership with Taurus augments Taurus’ presence in Turkey by Swiss firm BankPozitif. The company is already working with three Turkish banks, including Misyon Bank, which became a first mover in the crypto market in March 2024, according to Taurus co-founder Lamine Brahimi. We are committed to supporting Türkiye’s financial sector with institutional grade infrastructure localized in Istanbul, backed by our local presence in Istanbul, said Brahimi.
BankPozitif’s decision follows increased regulation developments in the Turkish crypto market. The government had introduced stricter Anti-Money Laundering (AML) measures and enforced new client identification policies in late 2024, with the purpose of maintaining integrity in the sector. Also, other major Turkish banks like Garanti BBVA and Akbank have made strides in launching cryptocurrency services, a wider industry trend in integrating the digital assets.
BankPozitif’s latest initiative comes at a time when Turkey is becoming a crypto-friendly financial hub, which may herald for the future of such a breakthrough opportunity in the banking sector. Entering into crypto custody space is a pretty big move for Turkey’s financial sector with crypto adoption being widespread across the country.
Having regulatory approvals and a strategic tie up with Taurus, Bank is all set to satisfy institutional demand. This will be a positive development, driving innovation and competition further in the crypto space in Turkey that is taking shape.
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