The Turkish government is preparing to introduce new legislation for the cryptocurrency sector, but it is unclear how restrictive the new law will be. Nonetheless, two of Turkey’s largest banking groups recently announced their cryptocurrency plans. Akbank’s investment arm has acquired local cryptocurrency firm Stablex, with a senior official saying the group wants to become a major player in the digital asset space. The next day, Garanti BBVA launched a cryptocurrency wallet app that allows users to send and receive cryptocurrencies such as Bitcoin, USD Coin, and Ethereum. Turkey is ranked among the top 20 countries in Chainalytic’s 2023 Global Crypto Adoption Index and is the host country for this year’s Ethereum conference DevConnect. However, while the government has previously banned the use of cryptocurrencies for payments, officials have ruled out a complete ban on digital assets.