❗️G20 watchdog warns of financial risks from Turkiye's growing crypto market Turkiye must strengthen regulations governing cryptocurrencies and stablecoins to address potential financial stability risks, the G20's Financial Stability Board (FSB) warned on Wednesday, despite acknowledging "meaningful progress" in bringing much of the crypto market under regulatory oversight. The sector recorded nearly $200 billion in transactions last year, with cryptocurrencies and stablecoins increasingly used by residents seeking protection against lira depreciation and high inflation. The FSB called for dedicated stablecoin regulations, warning that the absence of a framework for issuers poses "a core financial-stability concern" and increases the risk of "digital dollarization".