The FSB urges Türkiye to strengthen stablecoin regulation. Greater regulatory clarity is a long-term positive for mainstream assets, but payment restrictions continue to hinder adoption.$BTC $ETH
Flash: FSB urges Türkiye to further improve crypto-asset regulation and plans to establish a dedicated stablecoin regulatory committee
BlockBeats News, November 11: The Financial Stability Board (FSB) released a peer review report on Türkiye, noting that the country has made substantial progress in recent years in strengthening the regulation, supervision, and oversight of crypto-asset markets, but still needs to further improve its regulatory framework to align it with the FSB's Global Regulatory Framework for Crypto-asset Activities. The report noted that Türkiye has brought most activities in the crypto-asset market within the scope of regulation and introduced registration and licensing requirements for crypto-asset service providers (CASPs). Türkiye has also implemented strict segregation measures for the custody of assets and prohibited the use of crypto-assets for payments within the country, in order to limit the transmission of related risks to the payment and banking systems. In addition, the Turkish authorities have established a centralized data platform to monitor crypto-asset activities. However, the FSB believes that Türkiye needs to take further action in the following areas: implementing a financial stability monitoring framework, establishing a dedicated regulatory regime for stablecoins, strengthening supervision and enforcement, and promoting cross-border regulatory cooperation and information sharing. The report also noted that Türkiye had previously completed the development of its crypto-asset regulatory framework, but its stablecoin regulatory regime still needs to be improved. This review aims to encourage Türkiye to further implement the recommendations set out in the FSB's global regulatory framework.
Flash: FSB urges Türkiye to further improve crypto-asset regulation and plans to establish a dedicated stablecoin regulatory committee
BlockBeats News, November 11: The Financial Stability Board (FSB) released a peer review report on Türkiye, noting that the country has made substantial progress in recent years in strengthening the regulation, supervision, and oversight of crypto-asset markets, but still needs to further improve its regulatory framework to align it with the FSB's Global Regulatory Framework for Crypto-asset Activities. The report noted that Türkiye has brought most activities in the crypto-asset market within the scope of regulation and introduced registration and licensing requirements for crypto-asset service providers (CASPs). Türkiye has also implemented strict segregation measures for the custody of assets and prohibited the use of crypto-assets for payments within the country, in order to limit the transmission of related risks to the payment and banking systems. In addition, the Turkish authorities have established a centralized data platform to monitor crypto-asset activities. However, the FSB believes that Türkiye needs to take further action in the following areas: implementing a financial stability monitoring framework, establishing a dedicated regulatory regime for stablecoins, strengthening supervision and enforcement, and promoting cross-border regulatory cooperation and information sharing. The report also noted that Türkiye had previously completed the development of its crypto-asset regulatory framework, but its stablecoin regulatory regime still needs to be improved. This review aims to encourage Türkiye to further implement the recommendations set out in the FSB's global regulatory framework.