Turkey’s Mission Bank announced a partnership 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 for custody services and tokenization. Taurus is a major player in the cryptocurrency space, like Credit Agricole, Credit Suisse and Deutsche Bank.

Mission Bank will now provide digital custody services!

This collaboration will enable Misyon Bank to offer digital custody services to a wide range of institutions, including banks, asset management companies, brokerage houses, fintechs, family offices and central banks. Dr. Önder Halisdemir, General Manager of Misyon Bank, made some statements on the subject. “With our vision of making Turkey the Switzerland of its region, we have taken an important step for our country and our region,” Halisdemir said.

With the completion of Turkey’s local regulatory framework for digital asset custody services, Mission Bank aims to make Turkey an attractive hub for custody services and tokenization in the region. Cryptocoin.comAs you have been following from Turkey, Turkey is taking steps in crypto asset legislation. Recently, Treasury and Finance Minister Mehmet Şimşek stated that the regulations are in the final stage.

Turkey continues to advance in the cryptocurrency space

Turkey has also made progress in central bank digital currency (CBDC) trials. In addition, Turkey 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. Also, payment firm Colendi acquired enterprise Blockchain firm SETL in 2022. Halisdemir also made the following statement:

Once the legal regulations in Turkey are completed, these efforts will put Turkey in a competitive position in the asset custody and tokenization space and provide Turkey with a regional leeway.

Tokenizing funds are gaining popularity

In a report released earlier this year, Moody’s, a leading investment risk assessment firm, revealed that the value of tokenized funds has increased from $100 million at the beginning of 2023 to nearly $800 million, driven by the increasing tokenization of US treasuries. The report highlighted that both public and private Blockchains are witnessing the incorporation of various assets.

Franklin Templeton’s US Government Money Fund expands from Stellar to Polygon. Backed Finance launched a tokenized short-term US treasury bond exchange-traded fund (ETF). Also, UBS Asset Management deployed a tokenized money market fund (MMF) on the Ethereum Blockchain. These are some of the notable examples. According to Moody’s, tokenization of MMFs provides the potential to combine their stability with the technological advantages of stablecoins.