Share this article
Turkey’s Banking Giants Go Big on Crypto as Legislation Looms
This week, two of the country’s largest banks announced crypto initiatives.
Updated Mar 8, 2024, 6:36 p.m. Published Dec 13, 2023, 3:28 p.m.
Make us preferred on Google
(CoinDesk Turkey) – Turkey’s government is gearing up to introduce new legislation for the crypto sector. It’s still unclear how restrictive the new laws might be, but it hasn’t spooked adoption even at the institutional level. This week, two of Turkey’s largest banking groups announced crypto initiatives.
On Monday, the investment arm of Akbank announced it had acquired local crypto firm Stablex, with a top official at Ak Investment saying the group wanted to be a key player in the digital asset space.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
Garanti BBVA, another leading bank, launched its crypto wallet app the following day. The application has a cold wallet feature and allows users to send and receive assets like bitcoin [BTC], USD Coin [USDC] and ether [ETH].
Turkey ranks among the top 20 countries in Chainalysis' Global Crypto Adoption Index 2023. The country also hosted Ethereum conference Devconnect this year.
However, the government has not been a fan of unchecked adoption. In 2021, the country’s central bank prohibited the use of crypto for payments, although officials ruled out a total ban on digital assets.
In November, a government official said crypto legislation will soon come to Parliament. There’s little detail about the framework, but it’s part of the country’s strategy to leave global watchdog Financial Action Task Force’s (FATF) “gray list,” intended for countries that need to address shortcomings in their anti-money laundering and terrorist financing measures.
More For You
KuCoin captured a record share of centralised exchange volume in 2025, with more than $1.25tn traded as its volumes grew faster than the wider crypto market.
What to know:
- KuCoin recorded over $1.25 trillion in total trading volume in 2025, equivalent to an average of roughly $114 billion per month, marking its strongest year on record.
- This performance translated into an all-time high share of centralised exchange volume, as KuCoin’s activity expanded faster than aggregate CEX volumes, which slowed during periods of lower market volatility.
- Spot and derivatives volumes were evenly split, each exceeding $500 billion for the year, signalling broad-based usage rather than reliance on a single product line.
- Altcoins accounted for the majority of trading activity, reinforcing KuCoin’s role as a primary liquidity venue beyond BTC and ETH at a time when majors saw more muted turnover.
- Even as overall crypto volumes softened mid-year, KuCoin maintained elevated baseline activity, indicating structurally higher user engagement rather than short-lived volume spikes.
Больше для вас
Here’s why bitcoin’s is failing its role as a 'safe haven' versus gold
Bitcoin behaves more like an "ATM" during uncertain times, with investors quickly selling it to raise cash.
Что нужно знать:
- During recent geopolitical tensions, Bitcoin lost 6.6% of its value, while gold rose 8.6%, demonstrating bitcoin's vulnerability in times of market stress.
- Bitcoin behaves more like an "ATM" during uncertain times, with investors quickly selling it to raise cash, contrary to its reputation as a stable digital asset.
- Gold remains the preferred hedge for short-term risks, while bitcoin is better suited for long-term monetary and geopolitical uncertainties that unfold over years.
Top Stories
