FSB Urges Türkiye to Build Stablecoin Regime

The Financial Stability Board has urged Türkiye to create a dedicated stablecoin regulatory regime and strengthen oversight of its broader crypto market. In its official peer review, published November 11, the FSB said Türkiye has made meaningful progress in bringing crypto-asset activity inside its regulatory perimeter but still falls short of full alignment with the organization’s global framework.

Türkiye has substantially expanded its regulatory structure since amending its Capital Markets Law in 2024. Secondary rules introduced by the Capital Markets Board in March 2025 established requirements covering authorization, custody, capital adequacy, internal controls, risk management, technology systems and audits for crypto-asset service providers. The FSB said registration and licensing rules now cover a large portion of the domestic crypto market, while strict separation of customer assets provides an additional structural safeguard.

Stablecoins Remain Outside a Dedicated Framework

Stablecoins remain one of the clearest regulatory gaps. Türkiye introduced tighter anti-money-laundering controls in June 2025, including withdrawal limits for crypto-assets designed to maintain a stable value by referencing fiat currencies or other assets. The rules generally set limits equivalent to $3,000 per day and $50,000 per month for those withdrawals. Those measures regulate transaction risk and customer activity, but they do not establish a comprehensive framework for stablecoin issuance, reserves, redemption rights or issuer governance.

That distinction underpins the FSB’s recommendation for a dedicated stablecoin regime. Other jurisdictions are increasingly building rules around the issuer itself rather than relying mainly on exchange-level controls. The U.S., for example, has moved toward explicit stablecoin reserve, redemption and bank-issuance requirements, while European regulators are tightening distribution rules for stablecoins that do not comply with MiCA. The FSB is effectively asking Türkiye to fill a comparable issuer-level regulatory gap rather than simply add more transaction restrictions.

Türkiye already limits another major transmission channel through its longstanding prohibition on using crypto-assets directly or indirectly for domestic payments. That rule has been in force since April 2021. The FSB views the payment restriction, together with custody segregation, as reducing some channels through which crypto-market stress could spill into banking and payment systems.

FSB Calls for Stronger Monitoring and Enforcement

The review also acknowledges progress in data collection. Turkish authorities have operationalized a centralized platform for monitoring crypto-asset activity, improving their visibility into CASP business models and potential financial-stability exposures. The FSB nevertheless concluded that Türkiye still needs to operationalize a formal framework that converts collected crypto data into systematic financial-stability monitoring.

Supervision and enforcement represent another area for further work. The FSB recommends stronger supervisory capacity alongside more effective cross-border cooperation and information sharing, an increasingly relevant issue when exchanges, custodians and stablecoin issuers operate across several jurisdictions. Domestic licensing can establish oversight over local providers, but it cannot by itself resolve risks created when assets, customers or service providers span national boundaries.

The recommendations form part of a wider implementation effort following the FSB’s 2025 thematic review, which found significant inconsistencies in how jurisdictions had applied its 2023 global crypto framework. Türkiye volunteered for the 2026 country review after establishing much of its domestic CASP regime. The latest assessment therefore recognizes a functioning regulatory foundation while identifying stablecoins, financial-stability monitoring, enforcement and international coordination as the principal unfinished areas.

The next step lies with Turkish authorities rather than the FSB itself. The peer review does not create new legal obligations, but it gives Türkiye a defined roadmap for moving from broad crypto licensing toward a framework that treats stablecoins and cross-border crypto risks as distinct supervisory categories.