Akbank’s subsidiary, Ak Yatırım, has submitted an application to become the main shareholder of the crypto trading platform, Stablex, according to DUNYA. This move shows the increasing interest of major financial institutions in Turkey to venture into the crypto market.
Stablex, founded in May 2020 by Jihad Shannak, facilitates cryptocurrency transactions with Turkish Lira. If the deal goes through and receives official approval, Ak Yatırım will acquire the majority of Stablex’s shares and assume primary control.
Turkey has emerged as one of the world’s leading countries in the crypto market, according to a report by the blockchain and crypto analysis firm, Chainalysis. The report shows that Turkey ranks 12th out of 154 countries in the Global Crypto Adoption Index, with an average daily cryptocurrency transaction volume of $533 million.
Stablex and Akbank started negotiations in August last year. Turgut Güney, the CEO of Stablex, previously served as the COO of Akbank’s Technology and Operations Department from 2011 to 2017. With the majority of cryptocurrency companies in Turkey already working with Akbank, the move by Ak Yatırım to become the main shareholder of Stablex signals a significant expansion in the bank’s involvement in the crypto market.
The rise of cryptocurrencies globally has not gone unnoticed in Turkey, and regulators are now making moves to establish a regulatory framework for the crypto market. The Central Bank of the Republic of Turkey recently introduced regulations to limit the use of cryptocurrencies for payments, citing concerns over volatility and lack of regulation.
Nonetheless, the move by Akbank’s subsidiary to apply for the main shareholder position of Stablex suggests that the country’s financial institutions see the crypto market as a lucrative opportunity for investment and growth.
It was announced yesterday that Bitfinex will begin offering its services in Turkey. This move comes as no surprise, as Turkey is currently ranked as one of the most active countries in the world for cryptocurrency transactions.
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This article was republished from azcoinnews.com