Global watchdog urges Turkey to strengthen crypto rules
EWG•The Financial Stability Board urged Turkey to strengthen rules for crypto assets and stablecoins, citing financial stability risks in a sector that handled nearly $200 billion in transactions last year.
1. Calls for stablecoin rules
The Financial Stability Board said Turkey had made “meaningful progress” by bringing much of its crypto market under regulatory oversight, but urged further alignment with global recommendations. It said no framework regulates stablecoin issuers, calling that a core financial-stability concern given foreign-exchange links and the potential for “digital dollarisation.”
2. More safeguards urged
The review said Turkey should establish a framework for monitoring financial stability risks, centralise more market data and improve cooperation with overseas regulators. Turkey has banned crypto use for domestic payments and introduced safeguards to limit links between crypto assets and the broader financial system.
