Turkish Bank Embracing Crypto: Bankpozitif Launches Custody Services

Turkish digital bank Bankpozitif is set to launch cryptocurrency custody services in collaboration with Swiss crypto platform Taurus, marking a significant step in the country's embrace of digital assets. The partnership, announced on March 4, will enable Bankpozitif's institutional clients to store crypto assets with the bank, with the service expected to roll out by June 2025.

The initial offering will support the top five crypto assets by market cap, including Bitcoin (BTC), Ether (ETH), Tether USDt (USDT), XRP (XRP), and Solana (SOL). A spokesperson for Bankpozitif told Cointelegraph that the bank believes the Turkish market is ripe for crypto adoption, citing a young population, high financial literacy, and a digitally savvy user base.

Bankpozitif's entry into the crypto custody space comes after the bank received a temporary crypto custody license from the Capital Markets Board of Turkey (CMB). The bank's chairman, Erkan Kork, announced the license in late February, stating that the bank's local crypto subsidiary, PozitifKripto, had also received a service provider license. Kork noted that the bank would now proceed with setting up the necessary processes within the bank, following the completion of the temporary permit authorization.

Taurus, the Swiss crypto platform partnering with Bankpozitif, has also been working with three other Turkish banks, including Misyon Bank, which announced its crypto debut in March 2024. Taurus co-founder Lamine Brahimi told Cointelegraph that the company is committed to supporting Turkey's financial sector with institutional-grade infrastructure, backed by its local presence in Istanbul.

Bankpozitif's entry into the crypto custody market follows the introduction of new crypto regulations in Turkey in late 2024, which targeted stricter Anti-Money Laundering measures and client identification policies. Other crypto-friendly banks in Turkey include Garanti Bbva and Akbank.