FSB Urges Turkey to Tighten Crypto, Stablecoin Rules

The Financial Stability Board urged Türkiye to strengthen oversight of cryptocurrency markets and create a dedicated regulatory framework for stablecoin issuers, saying the country has made meaningful progress but still has gaps that could pose financial-stability risks. Türkiye has introduced licensing and operational requirements for crypto service providers, safeguards requiring customer assets to be segregated, and centralized monitoring; domestic crypto payments are also restricted. The FSB recommended formal monitoring of crypto-related financial risks, stronger supervision and enforcement, and improved information sharing with foreign regulators. It highlighted stablecoins—especially dollar-pegged assets—as a concern because they may enable “digital dollarisation” and raise questions about reserves, redemptions and links to traditional finance. Crypto transactions in Türkiye approached $200 billion last year, amid persistent inflation and lira depreciation. The review identifies regulatory priorities but does not impose a deadline for new legislation or announce a ban on stablecoin trading.