Stablecoin oversight gaps persist as Türkiye tightens crypto rules
Türkiye has strengthened crypto supervision but lacks a dedicated stablecoin issuer regime, the Financial Stability Board (FSB) finds. Its peer review calls for stronger risk monitoring, faster licensing and closer cross-border cooperation.
A growing market under supervision
Türkiye recorded nearly $200 billion in crypto transactions in 2025.
Domestic registered holdings were approximately $3 billion in 2026, around 0.3 percent of banking-sector assets, excluding offshore platforms and self-custody.
Authorities reported over 7.1 million accounts linked to 5.3 million entities; 51 percent had positive balances.
The FSB finds progress in licensing crypto-asset service providers, separating custody and establishing a central reporting registry.
However, licensing remains delayed by custody shortages and technology-audit bottlenecks.
Its five recommendations cover full implementation of FSB standards, risk monitoring, licensing and supervision, stablecoin safeguards and cooperation.
Issuer safeguards remain unfinished
The FSB calls for stablecoin redemption rights, reserve transparency, stabilisation mechanisms and prudential requirements, with clearer links to payments and e-money rules.
Domestic crypto payments remain prohibited.
Foreign-currency stablecoins raise concerns about digital dollarisation and capital flows.
The review also recommends assessing banks' and subsidiaries' crypto exposures against Basel standards, improving registry data and disclosures, setting licensing schedules and strengthening cooperation with foreign issuers' home authorities.
Domestic rules meet offshore limits
Domestic safeguards limit some transmission channels, but offshore activity remains outside reporting coverage.
The FSB identifies foreign-currency stablecoins as a source of risks to capital flows and monetary sovereignty.
Authorities currently regard exposures and links to traditional finance as limited.
Source: Peer Review of Türkiye
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