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Misyon Bank’s Partnership with Taurus
Turkey’s Misyon Bank has recently partnered with Swiss firm Taurus to enhance its digital asset custody and tokenization capabilities. This collaboration marks a significant milestone for Misyon Bank, positioning Turkey as a key player in the custody services and tokenization sector within the region.
Digital Custody Services Expansion
With the partnership in place, Misyon Bank can now offer digital custody services to a wide range of institutions including banks, portfolio management companies, brokerage firms, fintechs, family offices, and central banks. This move is aimed at solidifying Turkey’s position as a hub for custody services and tokenization.
Turkey’s Advancements in Crypto-Asset Legislation
Turkey has been actively progressing in crypto-asset legislation, with the Finance Minister indicating that regulations are in their final stages. The country has also been involved in central bank digital currency (CBDC) trials and has seen various tokenization and cryptocurrency initiatives from key players in the financial sector.
Tokenized Funds on the Rise
Tokenized funds have been gaining popularity, with Moody’s reporting a significant increase in their value from $100 million to approximately $800 million. This surge is attributed to the growing tokenization of assets like U.S. treasuries, with public and private blockchains incorporating a variety of assets into their platforms.
Notable examples include Franklin Templeton’s U.S. Government Money Fund expanding to different blockchains, Backed Finance launching a tokenized short-term U.S. treasury bond exchange-traded fund (ETF), and UBS Asset Management deploying a tokenized money market fund (MMF) on the Ethereum blockchain.
Expansion of Tokenized Offerings
In a recent development, DigiFT, a Singapore-based fintech company, announced the launch of its US Treasury bill depository receipt (DR) tokens. These tokens provide investors with fractional ownership in US Treasury bills, offering exposure to the secure US debt market without requiring significant upfront capital.
Ian is a cryptocurrency enthusiast blending humor with professionalism. With an engineering background and a storyteller's heart, he simplifies the blockchain world with sharp analysis and a touch of wit. At Cryptowire, he brings his unique perspective to make digital financial innovation accessible to all.
