A memorandum of understanding has been signed to promote crypto independence in Turkey
Tether is increasing its presence in Turkey by partnering with a local cryptocurrency company to promote industry know-how.
The firm, the issuer of the Tether (USDT) stablecoin, has signed a memorandum of understanding (MoU) with the local crypto platform BTguru to evaluate digital asset-related educational initiatives in Turkey, announced on July 2.
BTguru positions itself as a technology and strategy partner and specializes in virtual crypto assets “mainly for banks”.
As part of the agreement, Tether will evaluate the development of programs in Turkey to introduce private and public stakeholders to the benefits of cryptocurrency and blockchain technology.
The MoU also aims to engage in discussions with financial institutions in the country to promote peer-to-peer (P2P) technology using BTguru's connections.
In addition, Tether and BTguru explore real-world asset token use cases for banks and assess regional payment network conditions.
Tie to assess what kind of business lines can enter the Turkish banking system
According to Tether CEO Paolo Arduino, Tether and BTguru are committed to promoting the transformative potential of digital assets and P2P technologies.
“This MOU has the potential to provide a strong foundation for responsible and informed use of digital assets. We are excited to be part of a movement that promotes freedom and educates people across Turkey,” Arduino said.
BTguru partner Can Bukulmez said the new partnership with Tether aims to introduce new business lines with the stablecoin company. The partnership will assess what business lines can be introduced in Turkish banking positions and emerging digital asset businesses.
Turkey has emerged as a global cryptocurrency hub.
The expansion of Tether in Turkey comes at a time when cryptocurrency adoption is rapidly increasing in the country. According to data from Binance, Turkey ranks fourth in terms of transaction volume and 12th in adoption, at a rate of 40%, making it a significant player in the global crypto ecosystem.
Turkey's stablecoin purchases account for a large share of GDP, accounting for 4.3% of GDP, which is the highest among global economies, according to Chainalysis.
Related: Bitstamp Drops Tether's Euro Stable Coin Amid New MiCA Rules
Mukahit Donmez, general manager of Binance TR, said in a statement, “The Turkish community's interest in digital assets and blockchain technology, Turkey will emerge as one of the international centers for crypto with a dynamic ecosystem, active participants and significant transaction volumes. On July 2.
Tether and Binance's growing efforts to participate in the Turkish crypto ecosystem follow the massive hacking of local crypto exchange BtcTurk. According to PeckShield, hackers stole more than $100 million worth of crypto from BtcTurk on June 22.
The arrangements also follow local regulatory standards. In late June, the Financial Action Task Force (FATF) removed Turkey from its gray list, marking significant progress in improving its anti-money laundering (AML) regime and preventing terrorist financing.
As previously reported by Cointelegraph, the FATF AML requirements, including those related to cryptocurrencies, has accelerated Turkey's urgency to introduce cryptry regulations by 2024.
Magazine: Bitcoin's $500K Prediction, Spot Ether ETF ‘A Worrying Case' – Thomas Fahrer, X Flame Hall
