The Financial Stability Board (FSB) published its second peer review of Türkiye, recommending a dedicated stablecoin regime alongside stronger financial stability monitoring, supervision and international cooperation. Registration and licensing requirements for crypto-asset service providers (CASPs) have brought much of the domestic market within the regulatory perimeter, but comprehensive rules for stablecoin issuers remain absent. The assessment builds on the FSB’s 2025 global review, which found uneven implementation of its crypto-asset framework, particularly for stablecoins. In Türkiye, stablecoins are used to hedge currency depreciation and transfer funds to offshore platforms, where domestic supervisory visibility is limited.
Recommended stablecoin requirements cover redemption rights, effective stabilisation mechanisms and prudential safeguards. Authorities should strengthen reserve transparency expectations for foreign stablecoins distributed through domestic CASPs and clarify the interaction with payments and electronic money legislation, while maintaining safeguards against foreign currency stablecoins in domestic payments. For CASPs, priorities include completing licensing on a defined schedule, addressing audit and custody bottlenecks, and improving disclosure consistency and reporting quality. The review also recommends assessing the treatment of crypto-asset exposures of banks and their subsidiaries, including potential alignment with Basel Committee on Banking Supervision standards. Financial stability monitoring should translate existing supervisory data into specific risk indicators and incorporate blockchain analytics and cross-border transaction data to capture activity outside domestic reporting. Cooperation arrangements should support evolving supervisory needs, including information sharing with foreign stablecoin issuers’ home authorities.