Tether is expanding its reach in Turkey by collaborating with a local cryptocurrency firm to enhance industry knowledge.
The issuer of the Tether stablecoin has signed a memorandum of understanding (MoU) with the local crypto platform BTguru to evaluate educational initiatives related to digital assets in Turkey, as announced on July 2.
BTguru serves as a technology and strategy partner, specializing in virtual crypto assets primarily for banks.
Under this agreement, Tether will assess the development of programs designed to introduce Turkish private and public stakeholders to the advantages of cryptocurrency and blockchain technology.
The MoU also aims to promote peer-to-peer (P2P) technology, leveraging BTguru’s connections to facilitate discussions with financial institutions in Turkey.
Additionally, Tether and BTguru will explore use cases for real-world asset tokenization for banks and assess regional payment network scenarios.
Tether CEO Paolo Ardoino stated that Tether and BTguru are dedicated to promoting the transformative potential of digital assets and P2P technologies.
“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 Türkiye,” Ardoino said.
BTguru partner Can Bukulmez mentioned that the collaboration with Tether aims to introduce new business lines with the stablecoin firm.
The partnership will also assess potential business lines that can be introduced into Turkey’s banking sectors and emerging digital asset businesses.
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Turkey is emerging as a global cryptocurrency hub, with significant growth in cryptocurrency adoption.
According to Binance, Turkey ranks fourth in transaction volume and 12th in adoption, with a 40% adoption rate, making it a major player in the global crypto ecosystem.
Turkey’s stablecoin purchases account for 4.3% of its GDP, the highest among global economies, according to Chainalysis.
“With the interest of the Turkish community in digital assets and blockchain technology,
“Turkey emerges as one of the leading global hubs for crypto with a dynamic ecosystem, active participants, and significant transaction volumes,” said Binance TR general manager Mücahit Dönmez on July 2.
Tether and Binance’s efforts to engage in the Turkish crypto ecosystem come after a massive hack of the local crypto exchange BtcTurk, where hackers stole over $100 million in crypto on June 22, according to Peckshield.
In late June, the Financial Action Task Force (FATF) removed Turkey from its gray list, acknowledging significant progress in improving its Anti-Money Laundering (AML) and counter-terrorist financing regime.
The FATF’s AML requirements, including those related to cryptocurrency, have prompted Turkey to expedite the introduction of crypto regulations in 2024, as previously reported by Cointelegraph.
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