Turkish Bank Embracing Crypto: Bankpozitif Launches Custody Services
1min read 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.
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). Bankpozitif's spokesperson attributed the move to the high demand for crypto services in Turkey, driven by a young population, high financial literacy, and a digitally savvy user base.
Bankpozitif's entry into the crypto custody space comes after receiving a temporary crypto custody license from the Capital Markets Board of Turkey (CMB). The bank's chairman, Erkan Kork, confirmed the license in a LinkedIn post in late February, stating that the bank's local crypto subsidiary, PozitifKripto, had also received a service provider license.
Taurus, the Swiss crypto platform partnering with Bankpozitif, has been working with three other Turkish banks, including Misyon Bank, which announced its crypto debut in March 2024. Taurus co-founder Lamine Brahimi expressed the company's commitment to supporting Turkey's financial sector with institutional-grade infrastructure, backed by its local presence in Istanbul.
Turkey's crypto landscape has seen increased activity in recent months, with other banks such as Garanti Bbva and Akbank also offering crypto services. The country introduced new crypto regulations in late 2024, focusing on stricter Anti-Money Laundering measures and client identification policies.
