The Financial Stability Board (FSB) has urged Turkey to strengthen its oversight of cryptocurrency activities and introduce a dedicated regulatory framework for stablecoins. The recommendations come in a review, published on November 11, 2026, assessing Turkey's progress in implementing international crypto standards. The FSB, the international body that coordinates financial sector policies across national authorities and international standard-setting bodies, uses such country reviews to track how its global crypto rules are being put into practice.

The global financial watchdog recognized the regulatory progress Turkey has made, while flagging shortcomings in supervision, enforcement, and cross-border cooperation. It encouraged authorities to address these weaknesses in order to reduce potential risks to financial stability.

Turkey Makes Progress on Crypto Regulation

Turkey has broadened its cryptocurrency regulatory framework by introducing registration and licensing requirements for crypto asset service providers, bringing a significant share of the domestic digital asset market under regulatory supervision.

In March 2025, the country's Capital Markets Board rolled out detailed licensing and operational requirements covering cryptocurrency exchanges and custody providers, including capital requirements and safeguards for customer assets. Turkish authorities have also established a centralized platform to monitor cryptocurrency activity, and regulations require firms to keep customer assets segregated from their own holdings, reinforcing investor protections.

The country continues to prohibit cryptocurrency payments, a restriction in place since 2021. According to the FSB, this restriction helps limit the transmission of crypto-related risks into Turkey's traditional banking and payment systems.

FSB Calls for Dedicated Stablecoin Framework

Despite these advances, the FSB identified stablecoin regulation as a major outstanding issue. While Turkey has put broader cryptocurrency rules in place, it has yet to complete a dedicated regulatory framework for stablecoins.

Stablecoins typically maintain their value by tracking traditional currencies, such as the U.S. dollar. Their growing use raises additional regulatory considerations involving financial stability, oversight, and consumer protection.

The FSB recommended that Turkey establish stablecoin-specific rules, strengthen its monitoring of cryptocurrency-related financial risks, and ensure effective supervision and enforcement across the digital asset industry.

Cross-Border Cooperation Becomes Key Priority

The watchdog also pressed Turkish regulators to improve information sharing and cooperation with foreign authorities. Because cryptocurrency markets operate internationally, coordinated supervision is important for identifying risks involving overseas platforms and service providers.

The recommendations build on the FSB's global cryptocurrency regulatory framework introduced in July 2023, which sets high-level recommendations covering both crypto-asset activities and global stablecoin arrangements. A broader review conducted in 2025 found significant differences in how countries have implemented those standards.

Turkey's next regulatory steps could shape how cryptocurrency businesses and stablecoin providers operate within its expanding compliance framework. The FSB's recommendations, however, do not automatically introduce new legal requirements, leaving implementation decisions to Turkish authorities.