FSB Pushes Türkiye Toward Dedicated Stablecoin Rules and Tougher Crypto Oversight

Key Takeaways:

• FSB commends Türkiye for making meaningful progress in the regulation of cryptos.
• The watchdog calls for a separate stablecoin framework, more robust enforcement and an institutionalized financial stability tracking system.
• While crypto companies must be registered and licensed, the FSB notes that this process also needs to be improved in terms of cross- border supervision in Türkiye.

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Türkiye is being urged by the Financial Stability Board to do more than just exchange license crypto assets, but establish an entire system of regulation.

The FSB has released its most recent peer review report on Nov. 11, indicating that Turkish authorities have made substantial progress in their oversight and regulatory efforts, but remain somewhat distant from the FSB’s global crypto regulatory framework.

Türkiye has already taken the majority of its crypto market on board into the regulatory fold.

In March 2025, the Capital Markets Board issued in-depth provisions on crypto assets service providers which include provisions on establishment and activities and capital requirements. The regulations came in the wake of a legal amendment in 2024 that transferred the regulatory control of crypto service providers to the regulator.

The FSB also noted the measures to limit financial connections between crypto markets and traditional finance.

These are the rule of separating the customer assets held in custody as well as the ban on cryptocurrencies in domestic payments imposed on the Republic of Türkiye. Additionally, a centralized data platform has been established for tracking crypto activity.

Read More: Visa Adds Monad to Stablecoin Settlement Network

The clearest gap identified by the FSB is stablecoin regulation. At the time of FSB’s 2025 thematic review, broader crypto regulations were completed in Türkiye, although a framework had not been put in place for stablecoins. This most recent review calls for the establishment of one again.

The FSB also wishes Türkiye to establish a formal crypto market monitoring framework to track crypto markets’ potential impacts on financial markets. That would shift the focus from regulating specific exchanges and custodians to regulating the general exposure, interconnections and potential spillovers on the market into banking and payments.

The review also calls for tougher supervision and enforcement. Domestic laws are not very effective when regulators take a long time to share information with their counterparts abroad, as crypto platforms regularly operate in different jurisdictions.

Therefore, the FSB recommends more robust mutual collaboration and information-sharing measures in addition to Türkiye’s domestic licensing process.

The Capital Markets Board of Türkiye has a list of crypto service providers, which aims to list the people planning to work with this new regime in a provisional manner. The regulator explicitly states that it does not imply a business is fully authorised to be on the list.

The review is part of the FSB’s wider campaign to ensure that all jurisdictions are implementing the 2023 recommendations for cross-border crypto markets and global stablecoin arrangements.

Read More: 37 European Banks Back Qivalis Euro Stablecoin in €450M Market Expansion

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