Crypto News – Tether and Turkey Sign MoU Aiming to Promote Cryptocurrency Freedom

Crypto News – Tether’s New Deal in Turkey: A Leap Towards Crypto Freedom

Crypto News- Tether, the issuer of the Tether (USDT) stablecoin, has signed a memorandum of understanding (MoU) with Turkish crypto platform BTguru to promote digital asset-related educational initiatives in Turkey. The announcement was made on July 2.

BTguru, a technology and strategy partner specializing in virtual crypto assets for banks, will work with Tether to develop programs that introduce private and public stakeholders in Turkey to the benefits of cryptocurrency and blockchain technology.

Promoting P2P Technology and Exploring Asset Tokenization: Tether and BTguru’s Strategic Goals in Turkey

The partnership also aims to promote peer-to-peer (P2P) technology using BTguru’s connections with financial institutions in Turkey. Additionally, Tether and BTguru will explore real-world asset tokenization use cases for banks and evaluate regional payment network scenarios.

Tether CEO Paolo Ardoino emphasized the commitment to promoting the transformative potential of digital assets and P2P technologies.

This MoU has the potential to provide a solid foundation for the responsible and informed use of digital assets. We are excited to be part of a movement that could promote freedom and educate people across Türkiye,

Ardoino

BTguru partner Can Bukulmez added that the collaboration with Tether aims to introduce new business lines within Turkey’s banking verticals and emerging digital assets businesses.

Turkey’s Growing Role in the Global Crypto Landscape

Tether’s expansion in Turkey comes at a time of significant cryptocurrency adoption in the country. According to Binance, Turkey ranks fourth in transaction volume and 12th in adoption, with a rate of 40%. This makes Turkey a key player in the global crypto ecosystem.

Stablecoin purchases in Turkey account for 4.3% of the country’s GDP, the highest among global economies, according to Chainalysis. Binance TR General Manager Mücahit Dönmez noted, “With the interest of the Turkish community in digital assets and blockchain technology, Turkey emerges as one of the leading global hubs for crypto with a dynamic ecosystem, active participants, and significant transaction volumes.”

Context of Tether and Binance’s Turkish Market Expansion: Post-Hack Resilience and Regulatory Progress

Tether and Binance’s efforts in the Turkish crypto market follow a major hack of the local exchange BtcTurk, where over $100 million in crypto was stolen on June 22. Additionally, in late June, the Financial Action Task Force (FATF) removed Turkey from its gray list, acknowledging significant progress in improving its Anti-Money Laundering (AML) and counter-terrorist financing regime.

As previously reported by Cointelegraph, the FATF’s AML requirements, including those related to cryptocurrency, have increased the urgency for Turkey to introduce crypto regulations in 2024.

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