FSB Urges Turkey to Tighten Crypto Oversight and Introduce Dedicated Stablecoin Rules

The Financial Stability Board (FSB) has called on Turkey to strengthen cryptocurrency oversight and establish dedicated stablecoin regulations. The recommendations follow a review published on November 11, 2026, examining the country’s progress in implementing international crypto standards.

The global financial watchdog acknowledged Turkey’s regulatory improvements but identified gaps in supervision, enforcement, and cross-border cooperation. It urged authorities to address these weaknesses to reduce potential financial stability risks.

Turkey Makes Progress on Crypto Regulation

Turkey has expanded its cryptocurrency regulatory framework through registration and licensing requirements for crypto asset service providers. These measures bring a significant portion of the domestic digital asset market under regulatory supervision.

The country’s Capital Markets Board introduced detailed licensing and operational requirements in March 2025. The rules cover cryptocurrency exchanges and custody providers, including capital requirements and safeguards for customer assets.

Additionally, Turkish authorities have established a centralized platform to monitor cryptocurrency activities. Regulations also require firms to separate customer assets from their own holdings, strengthening investor protections.

Turkey continues to prohibit cryptocurrency payments within the country. According to the FSB, this restriction helps limit the transmission of crypto-related risks into traditional banking and payment systems.

FSB Calls for Dedicated Stablecoin Framework

Despite these improvements, the FSB identified stablecoin regulation as a major outstanding issue. Turkey has established broader cryptocurrency rules but has not completed a dedicated regulatory framework for stablecoins.

Stablecoins typically maintain their value by tracking traditional currencies, including the U.S. dollar. Their growing use creates additional regulatory considerations involving financial stability, oversight, and consumer protection.

The FSB recommended that Turkey establish specific stablecoin rules while strengthening its monitoring of cryptocurrency-related financial risks. It also emphasized the importance of effective supervision and enforcement across the digital asset industry.

Cross-Border Cooperation Becomes Key Priority

The watchdog also urged Turkish regulators to improve information sharing and cooperation with foreign authorities. Cryptocurrency markets operate internationally, making coordinated supervision important for identifying risks involving overseas platforms and service providers.

The recommendations build on the FSB’s global cryptocurrency regulatory framework introduced in July 2023. A broader review in 2025 identified significant differences in how countries implemented those standards.

Turkey’s next regulatory steps could determine how cryptocurrency businesses and stablecoin providers operate within its expanding compliance framework. However, the FSB’s recommendations do not automatically introduce new legal requirements, leaving implementation decisions to Turkish authorities.