TechFlow reported, according to CoinDesk, as the Turkish government prepares to introduce new legislation for the cryptocurrency industry, two of Turkey's largest banking groups have announced their crypto initiatives.
On Monday, Akbank’s investment arm announced the acquisition of local cryptocurrency firm Stablex. A senior official at Ak Investment said the group aims to become a key player in the digital asset space.
The following day, another leading bank, Garanti BBVA, launched a cryptocurrency wallet application featuring cold wallet functionality, allowing users to send and receive assets such as Bitcoin (BTC), USD Coin (USDC), and Ethereum (ETH).
It was reported that a government official stated Turkey's crypto legislation will soon be submitted to parliament. Few details about the framework have been disclosed, but it forms part of the country’s strategy to exit the Financial Action Task Force’s (FATF) “grey list,” which targets nations needing to address deficiencies in their anti-money laundering and counter-terrorism financing measures.
