- The FSB urged Turkey to tighten crypto oversight and adopt stablecoin rules.
- Turkey introduced licensing rules for exchanges and custodians in March 2025.
- The review called for stronger enforcement and closer foreign regulator cooperation.
Turkey crypto policy is back in focus after the Financial Stability Board published a peer review of the country’s regulatory progress. The watchdog said Turkish authorities have already introduced registration and licensing requirements for crypto service providers, along with safeguards for custody and a ban on domestic crypto payments. Still, the review said more action is needed. The FSB urged Turkey to place crypto-related financial stability risks under a formal monitoring framework, strengthen supervision and enforcement, and improve cooperation and information sharing with foreign regulators. It also said Turkey still lacks a dedicated framework for stablecoins, despite broader progress on crypto rules.
Turkey crypto review from the FSB
The peer review was part of the FSB’s regular country review program. It assessed Turkey’s progress in applying the board’s 2023 global recommendations on crypto assets and stablecoins. The report also followed a wider 2025 review that found implementation gaps across multiple jurisdictions.
In that context, the FSB said Turkey had made progress through registration and licensing requirements for crypto service providers. At the same time, it said Turkish authorities should go further by tightening oversight, building a formal risk-monitoring framework, and adding rules that specifically address stablecoins.
Steps Turkey has already taken
Turkey’s Capital Markets Board introduced licensing and operational requirements for crypto exchanges and custodians in March 2025. Those measures included minimum capital thresholds, adding more structure to Turkey crypto regulation for firms operating in the market.
The FSB also pointed to safeguards already in place. These include rules requiring the segregation of assets held in custody and a ban on domestic crypto payments. According to the review, those measures help contain the spread of crypto-related risks to banks and payment systems. Authorities also launched a centralized platform to monitor crypto activities.
Turkey crypto stablecoin gaps
Even with finalized rules for crypto assets, the FSB’s 2025 review found that Turkey still lacked a dedicated stablecoin framework. That remained one of the main shortcomings highlighted in the latest review and a central issue in the board’s recommendations.
The watchdog said Turkey should begin formally monitoring crypto-related risks to financial stability. It also called for stronger supervision and enforcement, alongside better cooperation and information sharing with foreign regulators. For Turkey crypto oversight, the stablecoin gap appears to be one of the clearest unresolved areas.
Finance Ministry plans on transfers
In June 2025, Turkey’s Finance Ministry outlined plans to introduce additional transaction checks and limits on stablecoin transfers. The ministry said the aim of those measures was to combat money laundering.
That proposal fits the broader direction described by the FSB. While the review acknowledged that Turkey crypto regulation has advanced in several areas, it also made clear that authorities are still expected to strengthen enforcement, improve oversight, and adopt more specific rules for stablecoin activity.
Conclusion
The FSB’s latest peer review shows that Turkey crypto regulation has moved forward through licensing rules, custody safeguards, a domestic payment ban, and a centralized monitoring platform. Even so, the watchdog said the current framework is still incomplete. It wants Turkish authorities to formally track financial stability risks tied to crypto, strengthen supervision and enforcement, and work more closely with foreign regulators. The biggest remaining gap is a dedicated stablecoin framework, which the FSB said is still missing. With the Finance Ministry also planning extra checks and transfer limits, Turkey crypto oversight appears set for further tightening rather than a pause.
Disclaimer
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