FSB Recommends Turkey Establish Stablecoin Regulatory Framework

The Financial Stability Board (FSB) has released a peer review report on Turkey, stating that the country has made substantial progress in strengthening the regulation of the cryptocurrency market but needs to further improve its regulatory framework. The FSB noted that Turkey has brought most of the cryptocurrency market under regulation, implemented registration and licensing requirements for crypto asset service providers (CASPs), and restricted channels for risk transmission to the payment and banking systems through measures such as custodial segregation and prohibiting the use of crypto assets for domestic payments. Additionally, Turkey has established a centralized data platform for monitoring crypto asset activities. The FSB recommends that Turkey advance its financial stability monitoring framework, establish a regulatory regime for stablecoins, enhance regulation and enforcement, and promote cross-border cooperation and information sharing.

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