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Ref: 15/2026

  • Peer review finds Turkish authorities have made meaningful progress in enhancing the regulation, supervision and oversight of crypto-assets.
  • Further steps are warranted to reinforce Türkiye’s framework and improve alignment with the FSB Global Regulatory Framework for Crypto-asset Activities.
  • The FSB recommends Türkiye operationalises a financial stability monitoring framework, establishes a regime for stablecoins, strengthens supervision and enforcement, and promotes cross-border cooperation and information sharing.

The Financial Stability Board (FSB) today published its second [link] Peer Review of Türkiye, examining the country’s progress in implementing the FSB recommendations for the regulation and supervision of crypto-asset activities, including stablecoins.

Since the FSB 2025 thematic peer review, Turkish authorities have made meaningful progress in enhancing the regulation, supervision and oversight of crypto-asset markets and activities. Authorities have brought a large part of the crypto-asset market within the regulatory perimeter, introducing registration and licensing requirements for crypto-asset service providers (CASPs). Moreover, structural safeguards, such as strict custody separation, and the prohibition on the use of crypto-assets for domestic payments, limit some of the risk transmission channels into payments and banking.

This regulatory framework allows authorities to better understand the business models of CASPs and the channels through which financial stability risks could arise. Authorities have also operationalised a centralised data platform for monitoring crypto-asset activities.

However, further steps are warranted to reinforce the country’s regulatory framework and improve alignment with the FSB Global Regulatory Framework for Crypto-asset Activities.

Building on these achievements, the FSB recommends that Turkish authorities further enhance crypto-asset and stablecoin regulation and supervision by operationalising a framework for financial stability monitoring, establishing a dedicated regime for stablecoins, strengthening supervision and enforcement, and promoting effective cross-border cooperation and information sharing.

Notes to editors

At the G20’s request, the FSB has led international work on the financial stability risks of crypto-assets since 2018. In July 2023, it finalised a global regulatory framework made up of two sets of recommendations: one for crypto-asset activities and markets, and a revised one for global stablecoin arrangements. The FSB’s 2025 thematic peer review found welcome progress in putting the framework into practice, but also highlighted significant gaps and inconsistencies across jurisdictions, and called on them to prioritise full and consistent implementation.

FSB member jurisdictions have committed to undergo periodic peer reviews to evaluate their adherence to international financial standards. To fulfil this responsibility, the FSB has established a regular programme of country and thematic peer reviews of its member jurisdictions. As part of this commitment, Türkiye volunteered to undergo a peer review in 2026. A schedule of country peer reviews, as well as all completed peer review reports, are available on the FSB website.

The FSB coordinates at the international level the work of national financial authorities and international standard-setting bodies and develops and promotes the implementation of effective regulatory, supervisory, and other financial sector policies in the interest of financial stability. It brings together national authorities responsible for financial stability in 24 countries and jurisdictions, international financial institutions, sector-specific international groupings of regulators and supervisors, and committees of central bank experts. The FSB also conducts outreach with approximately 70 other jurisdictions through its six Regional Consultative Groups.

The FSB is chaired by Andrew Bailey, Governor of the Bank of England. The FSB Secretariat is located in Basel, Switzerland and hosted by the Bank for International Settlements.