The Financial Stability Board has said Turkey should strengthen supervision of its crypto market and put in place a dedicated framework for stablecoins, even after recent progress in licensing and operational rules for the sector.
In a peer review published Wednesday, the FSB examined how Turkey has applied the board’s 2023 global recommendations on crypto assets and stablecoins. The assessment follows a broader 2025 review that identified uneven implementation across jurisdictions.
FSB says core gaps remain
The watchdog said Turkish authorities should move beyond rulemaking and build a formal system for monitoring crypto-related risks to financial stability. It also called for stronger supervision and enforcement, along with better cooperation and information sharing with regulators in other countries.
According to the review, Turkey has completed rules for crypto assets but still does not have a stand-alone regime for stablecoins. That gap was also highlighted in the FSB’s 2025 cross-jurisdiction review.
Turkey has already added licensing and controls
The FSB said Turkey has made notable progress through new registration and licensing requirements for crypto service providers. In March 2025, the country’s Capital Markets Board introduced licensing and operational standards for crypto exchanges and custodians, including minimum capital thresholds.
The report also pointed to safeguards already in place, such as rules requiring custodians to segregate client assets. It added that Turkey’s ban on domestic crypto payments helps contain the transmission of crypto-related risks to banks and payment systems.
Monitoring tools and AML focus are expanding
Turkish authorities have also launched a centralized platform to monitor crypto activity, a step the FSB included among the country’s recent oversight measures.
Separately, in June 2025, Turkey’s Finance Ministry set out plans for additional transaction checks and limits on stablecoin transfers as part of anti-money-laundering efforts. The FSB review did not present those plans as a substitute for a dedicated stablecoin framework, but they indicate that policymakers are considering further controls in that area.
What the review points to next
The peer review suggests the next confirmed step is not a single new law, but a broader strengthening of Turkey’s regulatory system around crypto. The FSB’s recommendations focus on putting financial-stability monitoring on a formal footing, improving day-to-day oversight and enforcement, and building stronger cross-border coordination.
For now, the board’s position is that Turkey has advanced its crypto rulebook, but still needs more complete and specific arrangements for stablecoins and more robust implementation of the standards it has already adopted.
Source: cointelegraph.com