Hi hivers, I know the time is not good for everyone and we are facing the worst time because the market is continuously dumping. Sometimes ago the hive got a decent rally and that was a great opportunity to sell higher and buy lower at the current price. Well, I have not missed that chance completely but I still do not get the full benefit of these big fluctuations. I earned around 400 hive tokens from this rally.
Similarly, you have to keep some extra hive to take advantage of any sudden hive rally. Anyway now coming back to the topic so new good update is coming out from Turkey and this is positive. turkey is the country that banned Bitcoin and cryptocurrency before but now we are seeing some good updates there. Türkiye’s digital bank whose name is BankPositif is set to provide crypto custody services and it is doing partnership with Swiss cryptocurrency platform Taurus.
Providing Secure Storage To Institutional Clients For Crypto Assets
The bank Bankpozitif announced that it will provide institutional clients with crypto assets' secure storage. The custody service, which is set to launch by June month of the current year, will initially support cryptocurrencies like Bitcoin, tether, ether, XRP (ripple), and Solana.
"Crypto is a hot topic. Given the country's young population, high financial literacy, and digital-friendly users, we expect more players to enter the Turkish market,"
-The spokesperson said.
The chairman of BankPozitif Erkan Kork confirmed that the bank has received a cryptocurrency custody license from the CMB and CMB is Turky's Capital Markets Board. Its local subsidiary PozitifCrypto has also acquired a service provider license which is a positive sign for a move towards this development. Bankpozitif is now working on it and it is setting up the necessary internal processes ahead of the official rollout.
According to public records, The bank that applied for crypto custody is one of 6,362 firms operating under temporary Article 11 of the country’s Capital Markets Law No. 88 and that's why there is a higher chance of approval of the applications of bankpozitif. However, the Capital Market Board of Turkey has clarified that inclusion in this list does not mean full authorization under existing regulations.
Torus Is Expanding Its Footprint In Turkey
Now talking about the partner Torus which is expanding its footprint in the country, working with other banks in Turkey, including Misyon Bank, you will be glad to know that this bank entered the cryptocurrency space in March 2024. Co-founder Lamin Brahimi said the demand for secure crypto asset solutions is growing, and the bankpozitif partner Torus is committed to providing institutional-grade infrastructure in the country.
Along with the bankpozitif there are Other Turkish banks such as Akbank and Garanti BBVA, have also shown interest in cryptocurrency services and the interest of these banks will spread awareness of crypto in the country. Turkey is a country that has recently tightened its cryptocurrency regulations, introducing customer identification policies and strict anti-money laundering measures at the end of last year.
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 | Hi I am lucky ali from gujarat, india. I am a crypto enthusiast, blogger, and SEO developer. I am always interested in learning new things and getting new experiences. You can find me on hive, twitter and discord (Lucky Ali#6343). Sharing is caring, Thank you hive family ♥ |
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