Türkiye needs stronger stablecoin and crypto oversight
Türkiye needs a dedicated stablecoin regime and stronger crypto-asset supervision, the Financial Stability Board (FSB) says. Its second country peer review finds progress but calls for financial stability monitoring and cross-border cooperation.
Licensing leaves gaps to close
Turkish authorities have brought much of the crypto-asset market within the regulatory perimeter through registration and licensing requirements for crypto-asset service providers.
Strict custody separation and a prohibition on crypto-assets in domestic payments limit some risk transmission channels into banking and payments.
Authorities have also operationalised a centralised data platform to monitor crypto-asset activities and better understand providers' business models.
The FSB recommends operationalising a financial stability monitoring framework, establishing a dedicated stablecoin regime, strengthening supervision and enforcement, and improving cross-border cooperation and information sharing.
These measures would reinforce alignment with its global framework.
Global standards meet national gaps
The FSB has led work on crypto-asset financial stability risks at the G20's request since 2018.
In July 2023, it finalised recommendations for crypto-asset activities and markets alongside revised recommendations for global stablecoin arrangements.
Its 2025 thematic peer review found progress but gaps and inconsistencies across jurisdictions, calling for full and consistent implementation.
Türkiye volunteered for a country review in 2026 under the FSB's programme assessing adherence to international financial standards.
Oversight beyond national borders
The FSB brings together authorities from 24 countries and jurisdictions and reaches approximately 70 others through six Regional Consultative Groups.
Bank of England Governor Andrew Bailey chairs it.
Its Secretariat is in Basel, Switzerland, hosted by the Bank for International Settlements.
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