FSB urges Turkey to tighten crypto oversight, add stablecoin rules

The Financial Stability Board urged Turkey to establish a dedicated framework for stablecoins and improve monitoring of crypto-related risks to financial stability. The review noted progress in Turkey’s regulation of crypto service providers.

The assessment examined Turkey’s implementation of the FSB’s 2023 global recommendations on crypto assets and stablecoins. It was part of the board’s regular country review program and followed a broader review in 2025 that found gaps in how jurisdictions had applied the recommendations.

The FSB recommended a formal process for monitoring crypto-related threats to financial stability. It also called for stronger supervision and enforcement, along with improved cooperation and information sharing between Turkish authorities and regulators in other countries.

Turkey’s Capital Markets Board introduced licensing and operating requirements for crypto exchanges and custodians in March 2025. The rules include minimum capital requirements and require firms to keep customer assets separate from their own holdings.

Turkey has banned domestic crypto payments and launched a centralized platform to monitor crypto-related activity. The FSB report noted that these measures can limit the spread of crypto risks to banks and payment systems.

The FSB’s 2025 review found that Turkey had finalized rules for crypto assets but lacked separate regulations for stablecoins. In June 2025, Turkey’s Finance Ministry outlined plans for additional transaction checks and limits on stablecoin transfers as part of efforts to combat money laundering.

Reviewed and fact-checked by Alex Panasenko on November 11.