Key Points:
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The Financial Stability Board (FSB) has urged Turkey to strengthen crypto market supervision and introduce dedicated stablecoin regulations.
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Turkey has made progress through licensing requirements, custody safeguards and centralized monitoring of crypto activities.
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The FSB recommends stronger enforcement, financial stability monitoring and greater cooperation with international regulators.
FSB Calls for Stronger Crypto Market Oversight
The Financial Stability Board has called on Turkey to strengthen its regulatory oversight of cryptocurrency markets and establish a dedicated framework for stablecoins, citing remaining gaps despite progress in the country’s regulatory approach.
In a peer review published Wednesday, the global financial watchdog acknowledged that Turkish authorities had introduced registration and licensing requirements for crypto service providers. However, it recommended additional measures to improve supervision, enforcement and the monitoring of risks to the broader financial system.
The assessment forms part of the FSB’s regular country review program and examines Turkey’s implementation of the board’s 2023 global recommendations on crypto assets and stablecoins. It follows a broader review conducted in 2025 that identified differences in how jurisdictions were applying the recommendations.
The latest findings indicate that Turkey has established several foundational regulatory safeguards but still needs a more comprehensive framework to address the evolving risks associated with digital assets.
Turkey Advances Licensing and Custody Requirements
Turkey’s Capital Markets Board introduced licensing and operational requirements for cryptocurrency exchanges and custodians in March 2025. The rules included minimum capital thresholds intended to establish regulatory standards for businesses operating in the sector.
The FSB also highlighted safeguards introduced by Turkish authorities, including requirements to segregate customer assets held in custody and a prohibition on domestic cryptocurrency payments.
These measures are designed to limit the potential transmission of crypto-related risks to traditional financial institutions, particularly banks and payment systems.
Authorities have also established a centralized platform to monitor cryptocurrency activities, providing regulators with additional visibility into market operations.
Despite these developments, the FSB emphasized that stronger implementation and enforcement remain necessary. It recommended that Turkey develop a formal framework for monitoring crypto-related financial stability risks and strengthen supervisory capabilities.
Stablecoin Regulation Remains a Key Gap
A central issue identified by the FSB is the absence of a dedicated regulatory framework for stablecoins.
The board’s 2025 review found that Turkey had finalized broader crypto asset rules but had not established specific requirements addressing stablecoin-related activities.
Stablecoins are designed to maintain a relatively stable value, typically through links to traditional currencies or other assets. Their growing role in digital asset markets creates regulatory questions involving reserves, redemption arrangements, financial stability and potential connections with payment systems.
In June 2025, Turkey’s Finance Ministry outlined plans to introduce additional transaction checks and limits on stablecoin transfers as part of efforts to combat money laundering.
However, the FSB’s latest recommendations indicate that transaction monitoring measures alone do not address the need for a dedicated regulatory structure governing stablecoins.
International Coordination and Enforcement Priorities
The FSB also urged Turkish authorities to improve cooperation and information sharing with foreign regulators. Cross-border coordination is particularly relevant because cryptocurrency platforms and transactions frequently operate across multiple jurisdictions.
Stronger information exchange could help authorities identify regulatory gaps, monitor activity involving overseas service providers and respond more effectively to emerging risks.
For Turkey, the next phase of regulatory development will involve moving beyond licensing requirements toward more comprehensive supervision, enforcement and stablecoin oversight.
The FSB’s recommendations place particular emphasis on financial stability monitoring and international cooperation. How Turkish authorities respond could shape the country’s regulatory framework as digital asset activity continues to develop.
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