FSB Urges Turkey to Strengthen Crypto Rules and Establish Stablecoin Framework

The Financial Stability Board (FSB) has urged Turkey to strengthen its crypto-asset regulation and establish a dedicated stablecoin framework. According to Odaily, an FSB peer review found that Turkey has made substantial progress in regulating, supervising and reviewing crypto-asset markets in recent years, bringing most related activities under oversight and requiring crypto-asset service providers (CASPs) to register and obtain licenses. The report also noted that Turkey has separated the custody of assets, prohibited the use of crypto assets for domestic payments and established a centralized data platform to monitor related activity. The FSB said Turkey still needs to implement a financial stability monitoring framework, strengthen regulation and enforcement, and advance cross-border regulatory cooperation and information sharing.