Key facts
- The FSB recommended Turkey monitor crypto risks to financial stability under a formal framework and strengthen supervision and enforcement.
- Turkey's Capital Markets Board set licensing and operational requirements for crypto exchanges and custodians in March 2025, including minimum capital thresholds.
- The FSB said Turkey requires segregation of assets held in custody and bans domestic crypto payments.
- The FSB's 2025 review found Turkey had finalized crypto asset rules but lacked a dedicated stablecoin framework.
- Turkey's Finance Ministry outlined plans in June 2025 for additional transaction checks and limits on stablecoin transfers.
The Financial Stability Board urged Turkey to tighten its oversight of crypto markets and adopt dedicated rules for stablecoins, in a peer review published on Wednesday. The review 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 and stablecoins.
The FSB said Turkish authorities had made progress by introducing registration and licensing requirements for crypto service providers. Turkey's Capital Markets Board introduced licensing and operational requirements for crypto exchanges and custodians in March 2025, including minimum capital thresholds.
The board 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. It said Turkey had introduced safeguards including requirements to segregate assets held in custody and a ban on domestic crypto payments, which help limit the spread of crypto-related risks to banks and payment systems. Authorities also launched a centralized platform to monitor crypto activities.
The review followed a broader 2025 FSB review that found gaps in how jurisdictions had implemented the recommendations. 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 to combat money laundering.