FSB Urges Türkiye to Build a Dedicated Stablecoin Regime

The Financial Stability Board (FSB) on Nov. 11, 2026 published its peer review of Türkiye and recommended that the country create a dedicated stablecoin regime. The FSB found that Türkiye has finalised a regulatory framework for crypto assets, but not for stablecoins.

Details

Turkish authorities have introduced registration and licensing for crypto-asset service providers (CASPs), strict separation of client custody, and a ban on using crypto assets for domestic payments. There is, however, no dedicated stablecoin issuance regime. The FSB says Türkiye's authorities need to make "further steps" to reinforce the framework and align it with the FSB's global regulatory framework for crypto-asset activities.

It makes four recommendations: operationalise the financial stability monitoring framework, establish a dedicated stablecoin regime, strengthen supervision and enforcement, and promote cross-border cooperation and information sharing. According to CryptoSlate, foreign-issued stablecoins sold on local exchanges are a particular focus, with gaps in listing requirements, reserve transparency and stabilisation mechanisms. Turkish authorities see stablecoin exposure as modest, but wider adoption could raise currency substitution and capital-flow volatility risks.

What it means for the market

The FSB's recommendations are nonbinding and do not by themselves impose duties on exchanges or issuers. They do show where regulators are heading: after the first national stablecoin laws, attention is moving to how foreign tokens, above all dollar coins such as Tether and USDC, are supervised. A similar signal came from the ESMA deadline for stablecoins without a MiCA licence in Europe. Turkish users who rely on stablecoins as a hedge against lira depreciation would be most affected by any restrictions. Not investment advice; live figures are in the daily brief.