Turkey’s Mission Bank announced that it has partnered with Swiss firm Taurus to leverage digital asset custody and tokenization technology. Mission Bank is a fairly new bank. The bank was established just a year ago. The bank aims to position Turkey as a regional center of excellence in custody services and tokenization. Taurus is a major player in the cryptocurrency space, along with Credit Agricole, Credit Suisse and Deutsche Bank.
Mission Bank will now provide digital storage services!
This collaboration will enable Mission Bank to offer digital custody services to a wide range of institutions, including banks, portfolio management companies, brokerage firms, fintechs, family offices and central banks. Mission Bank General Manager Dr. Önder Halisdemir made some statements on the subject. Halisdemir said, “We have taken an important step for our country and our region with our vision of making Turkey the Switzerland of its region.”
With the completion of Turkey’s local regulatory framework for digital asset custody services, Mission Bank aims to make Turkey an attractive center for custody services and tokenization in the region. cryptokoin.comAs you follow from , Turkey is taking steps in crypto asset legislation. Recently, Minister of Treasury and Finance Mehmet Şimşek stated that the regulations are at the final stage.
Türkiye continues to progress in the field of crypto money
Turkey has also made progress in central bank digital currency (CBDC) trials. In addition, Türkiye has witnessed various tokenization and cryptocurrency initiatives. HSBC launched a gold tokenization initiative in late 2023. Takasbank introduced Biga Gold in 2019. Garanti BBVA launched Garanti BBVA Digital Assets in 2023. Additionally, payments firm Colendi acquired enterprise blockchain firm SETL in 2022. Halisdemir also made the following statement:
When the legal regulations in our country are completed, these studies will put Turkey in a competitive position in the field of asset custody and tokenization and offer our country a regional area of action.
Tokenized funds are gaining popularity
Moody’s, a leading investment risk assessment firm, revealed in a report published earlier this year that the value of tokenized funds has increased from $100 million at the beginning of 2023 to approximately $800 million, driven by the increased tokenization of US treasuries. The report highlighted that both public and private Blockchains have witnessed the inclusion of various assets.
Franklin Templeton’s US Government Currency Fund has expanded from Stellar to Polygon. Backed Finance has launched a tokenized short-term US Treasury bond exchange-traded fund (ETF). Additionally, UBS Asset Management has deployed a tokenized money market fund (MMF) on the Ethereum Blockchain. These are some of the notable examples. According to Moody’s, tokenizing MMFs provides the potential to combine their stability with the technological advantages of stablecoins.
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