Turkey Crypto News – Tether Expands in Turkey Through Partnership with Local Crypto Firm to Advance Industry Education

Turkey Crypto News – Tether Expands in Turkey Through Partnership with Local Crypto Firm to Advance Industry Education

Turkey Crypto News – Tether, the issuer of the well-known stablecoin, has announced a strategic partnership with Turkish cryptocurrency platform BTguru to promote digital asset education within the country. The collaboration was formalized through a memorandum of understanding (MoU) signed on July 2, aimed at exploring educational initiatives related to digital assets in Turkey.

BTguru, which positions itself as a technology and strategy partner primarily for banks, will work alongside Tether to develop programs that introduce private and public sector stakeholders in Turkey to the advantages of cryptocurrency and blockchain technology.

The MoU also seeks to leverage BTguru’s network to facilitate peer-to-peer (P2P) technology discussions with financial institutions, promoting a deeper understanding and adoption of these technologies. Additionally, Tether and BTguru will explore the tokenization of real-world assets for banks and evaluate potential scenarios for regional payment networks.

Tether CEO Paolo Ardoino emphasized the transformative potential of digital assets and P2P technologies, stating, “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 Turkey.”

BTguru partner Can Bukulmez highlighted that the collaboration aims to introduce new business lines within Turkey’s banking sector and emerging digital asset businesses, further integrating Tether’s services into the Turkish financial ecosystem.

Turkey has emerged as a significant player in the global cryptocurrency market, with a high rate of adoption and substantial transaction volumes. Data from Binance indicates that Turkey ranks fourth globally in transaction volume and 12th in adoption, with a notable 40% adoption rate. Moreover, stablecoin purchases in Turkey account for 4.3% of the country’s GDP, the highest proportion globally, according to Chainalysis.

Mücahit Dönmez, general manager of Binance TR, noted Turkey’s dynamic crypto ecosystem, emphasizing the country’s role as a leading global hub for digital assets and blockchain technology.

Tether’s expansion in Turkey coincides with a period of heightened activity in the Turkish crypto sector. This includes a major security breach at local exchange BtcTurk, where hackers stole over $100 million in cryptocurrency on June 22. Additionally, the Financial Action Task Force (FATF) recently removed Turkey from its gray list, acknowledging the country’s significant progress in enhancing its anti-money laundering (AML) and counter-terrorist financing frameworks.

The FATF’s AML requirements have accelerated Turkey’s efforts to implement comprehensive crypto regulations, expected to be introduced in 2024, as previously reported by Cointelegraph.