The Financial Stability Board has called on Turkey to establish a dedicated regulatory framework for stablecoins and strengthen supervision of cryptocurrency markets, warning that gaps remain despite the country's progress in licensing digital asset businesses.
In a peer review published on November 11, 2026, the FSB acknowledged Turkey's introduction of licensing requirements, custody safeguards and centralized monitoring of crypto activity under the Capital Markets Board. The review is part of the FSB's monitoring of its 2023 global recommendations for crypto assets and stablecoins and follows a 2025 review that found significant inconsistencies across jurisdictions.
The key outstanding gap is the absence of stablecoin-specific regulation. The FSB said stablecoins linked to foreign currencies create distinct supervisory challenges involving reserve assets, redemption rights, issuer obligations and potential links to traditional financial markets. This is especially relevant in Turkey, where dollar-linked tokens can act as an alternative channel for holding foreign currency exposure outside the banking system.
The watchdog also recommended moving beyond the regulation of individual exchanges and custodians toward a formal financial stability monitoring framework. It called for stronger enforcement and closer cross-border information sharing because crypto platforms, custodians and stablecoin issuers often operate across multiple jurisdictions. Turkish authorities have already taken several steps: the Capital Markets Board introduced detailed licensing and operational requirements in March 2025 after amendments to the Capital Markets Law in 2024; it blocked access to 46 unauthorized crypto-related websites in July 2025, including PancakeSwap; it requires identification for crypto transfers above 15,000 Turkish lira; and it has maintained a ban on using cryptocurrencies for domestic payments since 2021. Binance removed Turkish-language support from its global platform in September 2024 in response to local requirements.
The FSB review does not impose a deadline for new stablecoin legislation and does not announce an immediate prohibition on stablecoin trading. It establishes supervisory priorities that Turkish authorities are expected to address, with the next significant developments likely to be concrete regulatory proposals covering stablecoin issuance, licensing enforcement and oversight of cross-border activity.
