Turkey's fifth-largest bank, Garanti BBVA, is set to significantly expand its cryptocurrency services in 2025, following the European Union's MiCA regulation.
Garanti BBVA's Crypto Services
Garanti BBVA Kripto, the bank's crypto custody service, plans to launch public crypto trading. This marks a significant expansion of the bank's digital asset offerings, building on earlier trials of digital currency trading with a limited user group earlier in 2023.
Partnership with Bit2Me
To facilitate the new trading service, Garanti BBVA Kripto has partnered with the Spain-based cryptocurrency exchange Bit2Me. This collaboration will allow the bank to provide access to major cryptocurrencies, including Bitcoin and Ether, to its customers.
Role of MiCA Regulation
The MiCA regulation, effective from December 2024, provides essential legal clarity to the cryptocurrency market. This is crucial for banks like BBVA that aim to offer crypto services legally and securely. In Turkey's more favorable regulatory environment, this strategy aligns with the bank's goal of introducing crypto services in markets with progressive legal frameworks.
BBVA's strategy to expand crypto services in Turkey, supported by a favorable regulatory environment and partnerships with key players like Bit2Me, highlights the bank's commitment to digital currencies and strengthens its position in the crypto market.
