Global Watchdog Urges Turkey Crypto Rule Upgrades
The Financial Stability Board urged Turkey to strengthen its crypto regulatory framework to address financial stability risks. The watchdog highlighted growing stablecoin use amid high inflation and recommended dedicated issuer regulations.
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Turkey must strengthen its regulatory framework for crypto assets and stablecoins to curb financial stability risks, the Financial Stability Board said on Wednesday. The warning follows a retail-driven trading volume of nearly $200 billion last year amid sharp depreciation in the USD/TRY pair. Authorities face mounting pressure to protect investors after a $20 billion investment fund scandal left millions of citizens out of pocket.
