Turkish banks are entering the cryptocurrency space in anticipation of upcoming legislation in the country. Despite uncertainties about the strictness of the laws, institutional adoption of crypto is increasing in Turkey. Akbank's investment arm recently acquired local crypto firm Stablex, while Garanti BBVA launched its own digital wallet with a cold wallet function. Turkey ranks highly in crypto adoption, with a growing number of investors as the country faces inflation in its fiat currency. Although the central bank has prohibited the use of crypto for payments, there is no total ban on digital assets.
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