The Financial Stability Board (FSB) has urged Turkey to tighten its oversight of crypto-asset markets and adopt dedicated rules for stablecoins.

In a peer review published on Wednesday, the global financial watchdog said Turkish authorities had made progress by introducing registration and licensing requirements for crypto-asset service providers. The report is part of the FSB's regular program of country reviews and assessed Turkey's progress in implementing the board's 2023 global recommendations on crypto assets and stablecoins. It followed a broader 2025 review that found gaps in how jurisdictions worldwide had implemented those recommendations. The FSB, which coordinates financial regulatory standards across its member jurisdictions, issues non-binding recommendations, meaning the impact of its reviews rests on how national authorities act on the findings.

The FSB recommended that Turkey begin monitoring crypto-related risks to financial stability under a formal framework, strengthen supervision and enforcement, and improve cooperation and information sharing with foreign regulators. That cross-border emphasis reflects the nature of crypto-asset markets, where activity and its associated risks frequently span multiple jurisdictions, making information sharing with foreign regulators an increasingly central part of financial stability oversight.

Turkey's Capital Markets Board introduced licensing and operational requirements for crypto exchanges and custodians in March 2025, including minimum capital thresholds. According to the FSB, the country has also put in place safeguards such as requirements to segregate assets held in custody and a ban on domestic crypto payments, measures that help limit the spread of crypto-related risks to banks and payment systems. Authorities have additionally launched a centralized platform to monitor crypto activities. Taken together, these steps mark Turkey as one of the jurisdictions translating the FSB's 2023 baseline into domestic rules, even as the review makes clear the work is incomplete.

The FSB's 2025 review found that Turkey had finalized rules for crypto assets but lacked a dedicated stablecoin framework. In June 2025, Turkey's Finance Ministry outlined plans to introduce additional transaction checks and limits on stablecoin transfers as part of efforts to combat money laundering. Whether those planned measures develop into the dedicated stablecoin framework the FSB says is still missing will be a key indicator of Turkey's progress as the board's country-review program continues.