Stablecoin Regulatory Framework Still Needs Improvement, FSB Urges Türkiye to Further Refine Crypto Asset Regulation

Odaily reports: The Financial Stability Board (FSB) has published a peer review report on Türkiye, noting that Türkiye has made substantial progress in recent years in the regulation, supervision, and oversight of crypto asset markets, having brought most relevant activities under regulation and implemented registration and licensing requirements for crypto asset service providers (CASPs). The report states that Türkiye has also adopted asset custody segregation measures, prohibited the domestic use of crypto assets for payments, and established a centralized data platform to monitor relevant activities. The FSB believes that Türkiye still needs to implement a financial stability monitoring framework, establish a dedicated regulatory regime for stablecoins, strengthen supervision and enforcement, and promote cross-border regulatory cooperation and information sharing.