FSB urges Turkey to close gaps in crypto and stablecoin regulation

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The Financial Stability Board (FSB) has called on Turkey to strengthen its supervision of cryptocurrency markets and develop specific rules for stablecoins, despite progress in regulating crypto service providers.

In a peer review published on Wednesday, the watchdog said Turkey had introduced registration and licensing requirements for crypto firms but needed to do more to identify and contain risks to financial stability.

The FSB recommended establishing a formal system to monitor crypto-related financial risks, improving supervisory and enforcement measures, and increasing cooperation and information sharing with overseas regulators.

Turkey’s Capital Markets Board introduced licensing and operational rules for crypto exchanges and custodians in March 2025, including minimum capital requirements. Other measures include separating customer assets from company funds, prohibiting domestic crypto payments and using a centralised platform to monitor crypto activity.

The FSB said these measures help prevent risks from spreading from crypto markets to banks and payment systems. However, its 2025 assessment found that Turkey still lacked a dedicated regulatory framework for stablecoins.

The latest review evaluates Turkey’s implementation of the FSB’s 2023 recommendations on crypto assets and stablecoins. It forms part of the board’s regular country assessments, following a broader review in 2025 that identified shortcomings in how jurisdictions were applying the recommendations.