FSB tells Türkiye to set up dedicated rules for stablecoins

What happened. The FSB, which coordinates financial regulators of the G20 countries, published its second peer review of Türkiye. It checked how the country is applying the FSB's 2023 recommendations on crypto and stablecoins. Türkiye volunteered for the review in 2026.

What went well. The FSB says Turkish authorities have made meaningful progress since its 2025 review. A large part of the crypto market is now regulated, with registration and licensing for crypto service providers. There is strict separation of assets in custody, and using crypto for domestic payments is banned. That limits how crypto risks can spread into banks and payments. Authorities also run a central data platform to monitor crypto activity.

What is missing. The FSB recommends putting a financial stability monitoring framework into practice, setting up a dedicated stablecoin regime, strengthening supervision and enforcement, and improving cooperation and information sharing with foreign regulators.

Background. Cointelegraph reports that Türkiye's Capital Markets Board introduced licensing and capital requirements for crypto exchanges and custodians in March 2025. The FSB's 2025 review had noted that Türkiye had no dedicated stablecoin framework.

Why it matters beyond Türkiye. The FSB reviews its members against the same framework. Its 2025 review found significant gaps and inconsistencies worldwide. Reports like this often shape new national laws.

已确认的事实

• On November 11, 2026 the FSB published its second peer review of Türkiye on crypto-asset and stablecoin regulation.^[1][2]
• The FSB says Türkiye made meaningful progress since the 2025 thematic review.^[1]
• Türkiye introduced registration and licensing for crypto service providers, bringing a large part of the market under regulation.^[1][2]
• There is strict custody separation and a ban on using crypto for domestic payments.^[1][2]
• Authorities operate a centralised data platform to monitor crypto activity.^[1][2]
• The FSB recommends financial stability monitoring, a stablecoin regime, stronger supervision and enforcement, and cross-border information sharing.^[1][2]
• Türkiye volunteered to undergo the peer review in 2026.^[1]
• Türkiye's Capital Markets Board introduced licensing and capital requirements for crypto exchanges and custodians in March 2025.^[2]

影响

• 已确认A global standard setter is formally asking Türkiye to regulate stablecoins.
• 我们的解读Stablecoin users in Türkiye could face new checks and limits. This is our view.
• 我们的解读Other countries where stablecoins are popular may face similar FSB pressure. This is our view.

仍未知

• When and in what form Türkiye will set up a stablecoin regime
• Whether rules change for foreign exchanges serving Turkish users
• What timeline the FSB expects for the recommendations

影响到谁

Türkiye, Global. Crypto and stablecoin users in Türkiye and crypto firms tracking regulation

来源

1. Financial Stability Board: FSB recommends Türkiye further strengthens its regulatory framework for crypto-assets and stablecoins 2026年11月11日 · 官方
2. Cointelegraph: FSB urges Turkey to tighten crypto oversight, set stablecoin rules 2026年11月11日 · 媒体