FSB Urges Turkey to Tighten Crypto Oversight and Adopt Stablecoin Rules

The Financial Stability Board (FSB) has urged Turkey to strengthen its crypto market oversight and introduce a dedicated stablecoin framework, according to a peer review published Wednesday. The global financial watchdog acknowledged Ankara's progress on licensing while pressing for stronger enforcement and deeper cooperation with foreign regulators.

The review assessed Turkey's implementation of the FSB's 2023 global recommendations on crypto-assets and stablecoins. It formed part of the board's regular country review program and followed a broader 2025 assessment that found gaps in how jurisdictions worldwide had implemented those recommendations.

The FSB recommended that Turkey begin monitoring crypto-related risks to financial stability under a formal framework, strengthen supervision and enforcement, and improve cooperation and information sharing with foreign regulators.

What has Turkey already done?

Turkey's Capital Markets Board introduced licensing and operational requirements for crypto exchanges and custodians in March 2025, including minimum capital thresholds. The FSB said Turkish authorities had made measurable progress by introducing registration and licensing requirements for crypto service providers.

The board also credited Turkey with several safeguards:

• Requirements to segregate assets held in custody
• A ban on domestic crypto payments
• A centralized platform to monitor crypto activities

According to the FSB, these measures help limit the spread of crypto-related risks into Turkey's banking and payment systems.

Where are the gaps?

The FSB's 2025 review found that Turkey had finalized rules for crypto assets but still lacked a dedicated stablecoin framework. That absence is the review's central structural finding, and it comes as stablecoin regulation becomes a dividing line between jurisdictions with mature regimes and those still drafting them.

Turkey has started moving in that direction. In June 2025, the country's Finance Ministry outlined plans to introduce additional transaction checks and limits on stablecoin transfers as part of efforts to combat money laundering. The measures would add source and purpose checks on crypto transfers, extending the compliance perimeter beyond exchanges and custodians to transaction-level monitoring.

For crypto service providers operating in Turkey, the review signals a compliance trajectory: capital, custody segregation and reporting requirements are settled, while stablecoin issuance and transfer rules remain in flux. Firms handling stablecoin flows should expect the transaction checks announced in June to shape operational planning through the coming enforcement cycle.

The FSB's recommendation on cross-border cooperation also carries operational weight. Turkish regulators currently lack formalized information-sharing channels with foreign counterparts, a gap the board wants closed as crypto activity increasingly spans jurisdictions.

Turkey's next steps — a formal financial-stability monitoring framework and stablecoin-specific rules — will determine whether the country closes the implementation gaps the FSB identified before the board's follow-up assessment cycle.