Financial Stability Board Calls for Enhanced Crypto Regulation and Stablecoin Framework in Turkey

Turkey's Advancements in Cryptocurrency Regulation

In a recent review, the Financial Stability Board (FSB) highlighted Turkey's advancements in regulating cryptocurrency markets while calling for enhanced oversight, especially concerning stablecoins. The FSB acknowledged that Turkish authorities have made strides by implementing registration and licensing protocols for cryptocurrency service providers. This evaluation is part of the FSB's ongoing assessment program that looks at different countries' adherence to its 2023 recommendations regarding digital currencies and stablecoins.

Ongoing Assessment and Recommendations

Previously, a broader review in 2025 had identified gaps in various jurisdictions' application of these recommendations. In light of this, the FSB encouraged Turkey to formally monitor risks associated with cryptocurrencies that could affect financial stability. It emphasized the necessity for more robust enforcement measures and better collaboration with international regulatory bodies.

Regulatory Steps Taken by Turkey

In March 2025, Turkey’s Capital Markets Board took steps to regulate the sector by establishing licensing and operational standards for cryptocurrency exchanges and custodial services, including setting minimum capital requirements. These regulations include key safeguards, such as:

• Mandates for asset segregation in custody
• Restrictions on domestic cryptocurrency payments

These measures are designed to mitigate risks that digital currencies could pose to banking and payment systems. Additionally, Turkish authorities have set up a centralized platform to oversee cryptocurrency activities.

Challenges and Future Directions

Despite these regulations, the FSB's 2025 assessment found that while Turkey has developed a framework for crypto assets, it has yet to create specific regulations governing stablecoins. In response to concerns about financial crime, the Finance Ministry of Turkey announced in June 2025 plans to impose further transaction checks and limitations on stablecoin transfers aimed at preventing money laundering.