The Financial Stability Board urged Turkish authorities to strengthen reserve and audit checks on foreign stablecoins distributed through local crypto platforms. It also recommended targeted requirements concerning peg maintenance, reserve transparency, and clear redemption rights. Closer cooperation with the authorities responsible for foreign issuers is needed to assess backing guarantees and redemption practices. These recommendations are nonbinding and create no immediate legal obligations. However, the FSB warned that wider adoption could increase lira substitution and capital-flow volatility while placing pressure on bank funding.
Source: Read the original article
Disclaimer: this content is for information purposes only and is not financial advice. Cryptocurrencies are highly volatile: you may lose all of your capital. Always do your own research. Legal notice
