The post Turkey’s Government Prepares to Introduce Crypto Legislation! appeared first on Coinpedia Fintech News

Turkey’s government is preparing to introduce new legislation for the cryptocurrency sector, but it is unclear how restrictive the new laws will be. Despite this, two of Turkey’s largest banking groups have announced crypto initiatives in recent days. Akbank’s investment arm has acquired local crypto firm Stablex, with a senior official stating that the group wants to be a major player in the digital asset space. The following day, Garanti BBVA launched its crypto wallet app, which allows users to send and receive cryptocurrencies such as Bitcoin, USD Coin, and Ether. Turkey ranks among the top 20 countries in Chainalysis’ Global Crypto Adoption Index 2023, and the country hosted the Ethereum conference DevConnect this year. However, the government has previously prohibited the use of cryptocurrencies for payments, although officials have ruled out a complete ban on digital assets.