USDT Partnership with BTguru to Explore Crypto Initiatives in Turkey
Tether, the leading stablecoin issuer, has partnered with think tank BTguru to assess and explore crypto initiatives in Turkey. This collaboration aims to delve into tokenization use cases within the Turkish financial sector, with a focus on real-world asset tokenization for banks.
Tether’s Focus on Asset Tokenization in Turkey
As part of the partnership, Tether and BTguru are set to explore various asset tokenization opportunities for banks in Turkey. The initiative could potentially lead to the adoption of real-world asset tokenization (RWA) initiatives, with estimates predicting a market capitalization of around $2 trillion by 2030 under a base scenario.
Turkey’s Regulatory Landscape and Tether’s Strategic Move
Alongside Tether’s partnership, Turkish President Recep Tayyip Erdoğan has enacted a new law regulating the crypto industry and imposing penalties for non-compliance. This legislation requires crypto exchanges to be licensed by the Capital Markets Board to operate legally, while unauthorized platforms could face severe penalties including prison sentences. The Financial Action Task Force (FATF) has also removed Turkey from its “grey list” for money laundering vulnerabilities, aligning with the country’s regulatory efforts.
