FSB Urges Türkiye to Establish Stablecoin Regime and Boost Crypto Oversight

Turkish financial authorities must establish a dedicated regulatory regime for stablecoins and enhance supervisory enforcement to align with global standards, the Financial Stability Board (FSB) stated on Nov. 11, 2026 ¹. The international standard-setter released findings from its second peer review of Türkiye, evaluating the country's adherence to the FSB Global Regulatory Framework for Crypto-asset Activities ¹.

The review acknowledged significant domestic progress since the FSB's 2025 thematic assessment ¹. Turkish regulators have incorporated a substantial share of the local digital asset sector into their official perimeter by establishing registration and licensing obligations for crypto-asset service providers (CASPs) ¹. In addition, authorities deployed a centralized data platform to track market movements and enforced structural firewalls, including mandatory custody separation and a total prohibition on using crypto-assets for domestic payments ¹. The FSB noted that these measures have constrained systemic risk transmission into the sovereign banking and payment systems ¹.

Implementation Gaps and Next Steps

Despite these domestic safeguards, the FSB identified critical omissions in Türkiye's current architecture ¹. The Basel-based body formally advised Turkish regulators to build a bespoke framework for stablecoins, operationalize systemic financial stability monitoring, increase cross-border supervisory coordination, and reinforce ongoing enforcement actions ¹. The recommendations aim to eliminate discrepancies with international benchmarks finalized by the FSB in July 2023 at the request of the G20 ¹.

The evaluation arrived during a period of subdued market sentiment, with total digital asset market capitalization standing at $2.45 trillion at the time of writing. While broader European bodies pursue comprehensive regional regimes—as seen when ESMA Proposes Sweeping MiCA Reforms to Target DeFi and Unregulated Stablecoins—Türkiye's voluntary 2026 peer review signals standard-setting bodies are increasing pressure on emerging regional hubs to eliminate localized regulatory gaps ¹.