BankPozitif Joins Crypto Boom with Powerful Custody Solution for BTC & ETH: Report

Key Takeaways

• BankPozitif partners with Swiss firm Taurus to launch crypto custody services.
• The service will support Bitcoin, Ether, Tether USDt, XRP, and Solana.
• The launch follows regulatory approvals from Turkey’s Capital Markets Board.

Turkey’s leading digital bank, BankPozitif, has taken a major leap into the crypto market with the news of a partnership with Swiss crypto platform Taurus. The collaboration will allow the bank’s institutional customers to securely store their digital assets under the bank’s custody service. With increasing demand for the safety of digital assets, the move places BankPozitif at the forefront of Turkey’s evolving financial scene.

The service, which will go live by June, will initially support the five highest market capitalization cryptocurrencies: Bitcoin, Ether, Tether USDt, XRP, and Solana. The step is part of growing demand for digital assets across Turkey, where a young, tech-savvy population is driving digital assets adoption.

A BankPozitif representative cited the increasing popularity of digital currencies, adding that the Turkish market provides an ideal environment for these financial innovations. The bank predicts that other banks will follow as the need for secure crypto storage rises.

Regulatory Milestone Secured

BankPozitif’s expansion into crypto custody services comes after securing key regulatory approvals. The bank has officially received a Crypto Custody License from the Capital Markets Board of Turkey (CMB), a crucial requirement for offering secure digital asset storage. Additionally, its local digital assets subsidiary, PozitifKripto, has been granted a Service Provider License, ensuring compliance with Turkey’s financial regulations.

BankPozitif chairman Erkan Kork confirmed the regulatory milestones on a LinkedIn post, stating the bank has completed all the technology and legal requirements. He was hopeful that the new service will be a beneficial addition to the Turkish financial ecosystem with enhanced security and regulatory compliance for digital asset storage.

Having obtained licenses, BankPozitif is now incorporating business rules and security protocols for a seamless experience for its clients. The bank has also obtained a temporary permit authorization from the Capital Markets Institution, which opens the door for the final implementation process.

Strengthening Turkey’s Crypto Ecosystem

The launch of crypto custody services by a regulated digital bank is a milestone in Turkey’s financial history. As global institutions increasingly adopt the significance of secure digital assets storage, BankPozitif’s initiative signals growing institutional acceptance locally.

Turkey has emerged as a key player in the digital asset space, with increasing activity from both retail investors and financial institutions. The country’s regulators have also been active in overseeing crypto-related activities, attempting to balance between innovation and consumer protection.

With the cooperation of Taurus, BankPozitif is leveraging Switzerland’s advanced crypto infrastructure to bring institutional-grade custody services to Turkey. This is expected to boost investor confidence and contribute to the broader acceptance of digital assets in the nation’s financial ecosystem.