Global watchdog FSB urges Türkiye to set stablecoin rules and tighten crypto supervision

The Financial Stability Board (FSB), the Basel-based body through which financial authorities from 24 countries and jurisdictions coordinate their work on financial stability, recommended on November 11 that Türkiye (Turkey) create a dedicated regime for stablecoins and strengthen its supervision of crypto markets. The recommendations accompany the FSB's second peer review of Türkiye, which also says Turkish authorities have made "meaningful progress" since 2025.

What the FSB said about Turkey's crypto regulation

The review looked at how far Türkiye has implemented the FSB's 2023 recommendations for regulating crypto-asset activities and stablecoins. Since the FSB's 2025 thematic review of how its crypto framework was being implemented, Turkish authorities have introduced registration and licensing requirements for crypto-asset service providers, firms such as exchanges and custodians, the FSB said. That has brought a large part of the crypto market inside the regulatory perimeter, according to the FSB. They have also set up a centralized data platform for monitoring crypto activity.

The FSB pointed to two structural safeguards: strict separation of custody, and the prohibition on using crypto assets for payments inside the country. Both, it said, limit some of the channels through which risks could pass into payments and banking.

The four recommendations

The FSB said further steps are needed to bring Türkiye's rules into line with its global framework. It recommends that the authorities:

• put into operation a framework for monitoring risks to financial stability;
• establish a dedicated regime for stablecoins;
• strengthen supervision and enforcement;
• promote effective cooperation and information sharing with authorities in other countries.

The press release does not set deadlines. FSB decisions are not legally binding on its members, the FSB says; members commit to implement international financial standards and to undergo periodic peer reviews. Türkiye volunteered for this review, the FSB said. We read the FSB's press release and the summary on its report page, not the full report.

Why it matters

Other jurisdictions are also writing rules for digital money. The United States has issued a final rule implementing its stablecoin law, and the European Central Bank is pressing lawmakers to finish the digital euro law. For Türkiye, a dedicated stablecoin regime is one of the four areas where the FSB wants further steps; the peer review notes that the 2025 review found the country had finalized a framework for crypto assets but not for stablecoins. Separately, Poland's lower house has passed a sanctions bill that covers crypto assets.

What it could mean for traders

In our assessment, the review changes nothing immediately for people who trade crypto in Türkiye: it is a set of recommendations to the authorities, and any new stablecoin rules would have to be written and adopted by them. It does show where the FSB wants Turkish regulation to go next: stablecoins, supervision and enforcement.