Türkiye is being urged to establish a dedicated stablecoin regime, strengthen enforcement, and improve financial stability monitoring as it aligns its crypto regulatory framework with international standards.
The Financial Stability Board (FSB) has called on Türkiye to strengthen its regulatory framework for crypto-assets and stablecoins, following a review that recognised progress in the country’s regulation and supervision of digital asset markets. The FSB’s second peer review of Türkiye, published on 11 November, found that further measures are needed to bring the national framework into closer alignment with its global recommendations.
Turkish authorities have expanded regulatory oversight by introducing registration and licensing requirements for crypto-asset service providers (CASPs), alongside safeguards including strict separation of client assets and a prohibition on using crypto-assets for domestic payments. Authorities have also established a centralised data platform to monitor crypto-asset activities, improving their ability to identify potential financial stability risks and assess the operations of service providers.
Despite this progress, several areas require further action. The FSB’s recommendations include operationalising a framework for monitoring financial stability risks, introducing a dedicated regulatory regime for stablecoins, strengthening supervisory and enforcement capabilities, and improving cross-border cooperation and information sharing.
The latest assessment builds on the FSB’s 2025 thematic review of its global regulatory framework for crypto-asset activities, which identified significant gaps and inconsistencies in how jurisdictions were implementing its recommendations. The findings place Türkiye’s progress in the context of broader international efforts to achieve more consistent regulatory approaches across jurisdictions.
Türkiye’s participation forms part of the FSB’s programme of periodic peer reviews, through which member jurisdictions assess the implementation of international financial standards and identify areas requiring further action.
Why does it matter?
The effectiveness of crypto-asset regulation depends not only on bringing service providers under national supervision but also on whether authorities can identify risks emerging across increasingly interconnected financial markets. The developments in Türkiye reflect the challenge of translating international standards into supervisory practices that account for the specific structure of domestic markets while remaining responsive to cross-border developments. Maintaining that balance will become increasingly important as crypto-assets and stablecoins become more closely connected to established financial activities.
About author
Nikoleta Selena
Nikoleta Selena is a DigWatch team member, Knowledge Fellow, and specialised content writer since 2024, covering emerging technologies including blockchain, cryptocurrency, fintech, AI, quantum technology, and encryption. Her work spans research, analysis, news, and specialised content on technological and policy developments.
