FSB pressures Turkey regulators to lock down foreign stablecoins

The Financial Stability Board (FSB) urged Turkey to tighten safeguards for foreign-issued stablecoins sold through local crypto exchanges, calling for stronger reserve checks and clearer redemption rights in a peer review published Nov. 11.

The review points to domestic platforms as a way to oversee tokens issued abroad, and recommends targeted expectations for how those tokens maintain their peg, what backs them, and what issuers disclose.

The report itself creates no new restrictions, redemption rights, or legal obligations.

The assessment reflects information on reform progress through August 2026. Turkey has made progress on crypto-platform registration and licensing, custody separation and centralized monitoring, the FSB said.

Yet the assessment found no dedicated stablecoin issuance regime or tailored listing requirements covering stabilization mechanisms, reserve transparency, or peg history.

Existing rules cover distribution, trading and custody, alongside anti-money-laundering controls, limits on certain transfers and a prohibition on domestic crypto payments. Those controls do not fully address stablecoin-specific reserve and redemption arrangements.

report recommends that issuer rules cover effective mechanisms for maintaining stable value, prudential requirements, and clear redemption rights. For foreign-currency tokens circulating through Turkish platforms, the FSB wants targeted requirements for reserve composition and transparency, including attestations and audits.