Amid concerns over rising crimes in the digital asset sector, the Financial Stability Board (FSB) on Wednesday called on Turkey to adopt dedicated regulations for stablecoin issuers and to reinforce its supervision of the crypto market, according to a peer review published by the global watchdog.
“There remains no framework in place for the regulation of stablecoin issuers,” the FSB said, describing it as “a core financial‑stability concern” given the strong FX‑linked channels and potential for “digital dollarisation”.
The review evaluated Turkey’s implementation of the board’s 2023 global recommendations on crypto assets and stablecoins. It acknowledged “meaningful progress” by Turkish authorities in bringing much of the crypto market under regulatory oversight, including registration and licensing requirements for service providers.
However, the board stated that additional action is required to align the country with its recommendations. The sector is driven largely by retail investors and recorded nearly $200 billion in transactions last year.
Apart from the stablecoin framework, the FSB also recommended that Turkey monitor crypto-related risks to financial stability under a formal structure, strengthen supervision and enforcement, and improve cooperation and information sharing with foreign regulators.
The report outlined measures Turkey has already adopted with respect to crypto regulation. The Capital Markets Board introduced licensing and operational requirements for crypto exchanges and custodians in March 2025, including minimum capital thresholds. Custodians are required to segregate client assets, and domestic crypto payments are banned.
According to the FSB, these safeguards help limit the spread of risks to banks and payment systems. Authorities have also launched a centralised platform to monitor crypto activity. In June 2025, the Finance Ministry announced plans for additional transaction checks and limits on stablecoin transfers to combat money laundering.
The peer review follows a broader 2025 review that identified gaps in how jurisdictions had implemented the board’s recommendations. That review had found that Turkey finalised rules for crypto assets but lacked a dedicated stablecoin framework.
