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FSB urges Turkey to tighten crypto and stablecoin rules
The G20's Financial Stability Board said Wednesday that Turkey should further strengthen rules for crypto assets and stablecoins after a peer review of how it applies international standards (Reuters, via CNA) [1].
- CNA is now reporting this
- New headline Was: “Global watchdog urges Turkey to strengthen crypto rules”
- Our desk filed its story
Based on reporting by CNA
Wire reporting: (Reuters, via CNA)
The Financial Stability Board, a G20-linked global financial watchdog, said Wednesday that Turkey should further strengthen its framework for crypto assets and stablecoins to address potential financial-stability risks in a fast-growing market (Reuters, via CNA)1.
In a review of how Turkey implements international crypto standards, the FSB said the country had made meaningful progress by bringing much of the crypto market under regulatory oversight1.
It said more was needed to align with the FSB's global recommendations and to address risks in a largely retail-driven sector that saw nearly $200 billion in transactions last year, according to the review as carried by CNA1.
The board recommended dedicated rules for stablecoin issuers, which it said were still missing, and a formal framework to monitor crypto-related stability risks, plus more centralized market data and better cooperation with overseas regulators1.
The FSB noted safeguards already in place, including a ban on using crypto for domestic payments, aimed at limiting links to the broader financial system1.
