- The Financial Stability Board (FSB) has asked Turkey to strengthen its supervision of cryptocurrency markets and introduce specific rules for stablecoins.
- Turkey has already introduced licensing requirements for crypto exchanges and custodians, along with safeguards for customer assets.
- The FSB wants Turkey to improve risk monitoring, enforcement and cooperation with foreign regulators.
Turkey Makes Progress On Crypto Regulation
The Turkey was urged to tighten up its crypto regulations and implement new rules around stablecoin regulation by the Financial Stability Board (FSB), an international watchdog which tracks risks in the financial system.
🇹🇷 As part of our peer review programme, we looked at progress made by Türkiye in implementing the FSB recommendations for the regulation and supervision of crypto-assets and stablecoins.
https://t.co/bM3ZQ41UrF https://t.co/MtePpXpm1l— The FSB (@FinStbBoard) November 11, 2026
While being acknowledged for its progress, further actions are required to avoid the risks which crypto could pose to its financial system, the watchdog said in its report published on Wednesday.
The review sets out the extent to which Turkey has been adhering to the international guidance set by the FSB on crypto and stablecoins, issued in 2023. This is part of the FSBs routine evaluation process.
Turkey has already implemented a number of measures, in March 2025 the Capital Markets Board in the country established licensing rules and operating requirements for crypto exchanges and custodians. It introduced minimum capital requirements.
Improved Oversight & Supervisory Arrangements
The FSB recommended Turkey establish a formal process for monitoring potential risks to the countrys financial stability created by stresses in the crypto sector, improve supervisory arrangements and ensure rules are properly enforced within the cryptospace.
Improving collaboration and information-sharing with other financial regulators is also a key recommendation of the FSB. Given crytpo activity can often cross borders, collaboration between regulators helps understand any suspicious activity.
Turkey has currently implemented rules which require crypto custodians to separate customers funds, banned the use of crypto domestically, and has created a centralized platform to oversee crypto related activity. This can all help ensure crypto issues do not cause problems elsewhere, such as in Banks, the FSB said.
Limited Stablecoin Regulation
A major concern for the FSB comes down to the lack of dedicated regulation surrounding stablecoins. Turkey has finalised a series of rules around crypto assets, however the regulations have not completely addressed the risks that may be posed by stablecoins.
Stablecoins are digital currencies traded with the intention to remain stable in value, often linked to currencies like the US dollar. As their usage for payments and transferring money increases having proper regulation in place is becoming increasingly important.
In June 2025 the Finance Ministry detailed intentions to add extra controls and restrictions around crypto movements. This was to help stop money laundering.
However, the FSBs most recent review highlights that Turkey has made important steps to regulate the crypto space, however they need to improve their oversight processes, and regulations around stablecoins. By doing so they can ensure the increasing digital assets market does not create any dangers to their traditional financial system.
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