The G20's Financial Stability Board acknowledged Turkey's recent progress in regulating digital assets, yet highlighted a critical gap regarding rules for stablecoin issuers. These assets present heightened risks by tying domestic financial systems directly to foreign currency fluctuations. Although authorities previously prohibited using digital assets for domestic payments to contain contagion, the watchdog warned that these existing measures remain insufficient. Moving forward, the board recommended building centralized data collection systems and expanding cross-border regulatory cooperation.
Key points
Regulators must close significant legal loopholes surrounding stablecoin issuers to preve…: Regulators must close significant legal loopholes surrounding stablecoin issuers to prevent foreign exchange instability from damaging the broader economy.
Existing bans on cryptocurrency payments are insufficient without a centralized system to…: Existing bans on cryptocurrency payments are insufficient without a centralized system to track and monitor financial stability risks.
International cooperation is vital for effective oversight because domestic regulations a…: International cooperation is vital for effective oversight because domestic regulations alone cannot manage a borderless digital asset market.
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LONDON, Nov 11 : Turkey needs to further strengthen its regulatory framework for crypto assets and stablecoins to address potential financial stability risks linked to the fast-growing sector, the G20's Financial Stability Board said on Wednesday.
In a review of Turkey's implementation of international standards for crypto assets, the global financial watchdog said the country had made "meaningful progress" by putting much of the crypto market under regulatory oversight.
But it said further action was needed to improve alignment with the FSB's global recommendations and address the risks of a largely retail investor-driven sector that saw nearly $200 billion worth of transactions last year, according to the review.
It highlighted that cryptocurrencies and stablecoins have become increasingly important in Turkey for those seeking protection from years of sharp lira depreciation and high inflation.
The FSB recommended the establishment of dedicated regulations around stablecoins, which are typically pegged to the dollar and have been growing in popularity.
"There remains no framework in place for the regulation of stablecoin issuers," the FSB said, describing it as "a core financial‑stability concern" given the…
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