Tether, the stablecoin issuer, is partnering with Fuze to instruct people and financial entities in Turkey and the Middle East regarding cryptocurrencies.
Tether, the organization leading the market in stablecoins, has entered into an agreement with Fuze, a crypto infrastructure specialist, to advance cryptocurrency education in Turkey and the Middle East. This collaboration aims to broaden knowledge and comprehension of digital currencies in these regions.
On April 15, Tether announced a new collaboration with an unspecified partner. The goal is to explore multiple areas of cryptocurrency education, such as: finding methods for international money transfers using crypto, ensuring regulatory adherence, creating development frameworks, and educating financial institutions.
Collaborative initiatives aim to promote the use of cryptocurrencies such as Bitcoin, along with the underlying blockchain technology and stablecoins like USDT, among businesses and individuals in Turkey, the Middle East, and North Africa for seamless cross-border transactions.
“Working together goes beyond technology for us. It’s about providing individuals, businesses, and financial institutions the ability to effectively manage finance’s complex transitions with assurance and understanding.”
Tether CEO Paolo Ardoino
Tether encourages collaboration with community banks and smaller financial institutions, but they haven’t revealed who will join their educational initiative. Mo Ali Yusuf, CEO of Fuze, agrees with this perspective, expressing that the goal is to let both big institutions and individual consumers profit from the potential of reliable and secure digital assets.
This endeavor represents Tether’s second educational project in 2023. Previously, they entered into an agreement with Uzbekistan’s National Agency of Forward-looking Initiatives. The objective is to establish Uzbekistan as a significant player in the peer-to-peer and blockchain technology scene.
Currently, Turkey is working on ways to leave the “grey list” of the Financial Action Task Force by strengthening its crypto regulations. Local crypto market representatives in Ankara report that the government is considering a new regulatory framework to prevent misuse of the system. This framework includes stricter licensing standards, capital requirements, and compliance measures for custody services like proof of reserves. The exact timeline for these regulatory adjustments has yet to be announced.
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2024-04-16 12:50