Turkish digital bank BankPozitif is set to offer cryptocurrency custody services in partnership with Swiss crypto platform Taurus.

The bank announced that it would provide institutional clients with secure storage for crypto assets. The service, expected to launch by June, will initially support Bitcoin, Ether, Tether, XRP, and Solana.

“Crypto is a hot topic. We expect more players to enter the Turkish market, given the country’s young population, high financial literacy, and digital-friendly users,” the spokesperson said.

BankPozitif chairman Erkan Kork confirmed that the bank received a crypto custody license from Turkey’s Capital Markets Board (CMB). Its local subsidiary, PozitifKripto, has also secured a service provider license. The bank is now working on setting up the necessary internal processes before the official rollout.

According to public records, BankPozitif is one of 88 firms operating under Temporary Article 11 of Turkey’s Capital Markets Law No. 6362. However, the CMB clarified that appearing on this list does not mean full authorization under existing regulations.

Taurus has been expanding its footprint in Turkey, working with other banks, including Misyon Bank, which entered the crypto space in March 2024. Co-founder Lamine Brahimi said demand for secure digital asset solutions is growing, and Taurus is committed to providing institutional-grade infrastructure in Turkey.

Other Turkish banks, including Garanti BBVA and Akbank, have also shown interest in crypto services. Turkey recently tightened its crypto regulations, introducing stricter anti-money laundering measures and client identification policies in late 2024.

The new rules were published in the Official Gazette of the Republic of Turkey on Dec. 25 and require users to provide identifying information for transactions exceeding 15,000 Turkish lira ($425). This Anti-Money Laundering (AML) measure is said to prevent illicit fund transfers and terrorism financing via cryptocurrency.

Crypto service providers in Turkey must comply with stricter customer identification measures, but only for transactions surpassing the $425 threshold. For smaller transactions, there is no requirement to collect such information. Effective Feb. 25, 2025, the regulation mandates that providers also verify the identity of users transferring funds from previously unregistered wallet addresses.

If a provider cannot obtain sufficient customer information, the transaction could be deemed “risky,” allowing the service provider to halt the transfer or consider other measures, such as limiting the business relationship.