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Financial Stability Board

All articles tagged with #financial stability board

cryptocurrency-regulation2 years ago

G20 and FSB Unite to Strengthen Global Crypto Regulations

The Financial Stability Board (FSB), a G20 watchdog, has issued nine regulatory recommendations to rein in the crypto industry and address the wider financial risks associated with it. The recommendations include cross-border cooperation between regulators, governance requirements for crypto issuers, and mandatory disclosures. The FSB emphasized the need for adequate safeguarding of client assets and addressing conflicts of interest. The framework is based on the principle of "same activity, same risk, same regulation." Industry experts welcome the guidelines but note that the actual implementation may vary.

via Decrypt|
#crypto-industry#cryptocurrency-regulation#financial-stability-board
cryptocurrency-regulation2 years ago

"FSB's Global Crypto Framework Recommendations: Finalized and Ready for Implementation"

The Financial Stability Board (FSB) has finalized its recommendations for a global regulatory framework for cryptocurrencies, urging the G20 countries to adopt guidelines that promote the segregation of clients' digital assets from platform funds and the clear separation of functions to avoid conflicts of interest. The FSB emphasizes the need for tight cross-border cooperation and oversight, while also recognizing the importance of privacy. The guidelines also address the regulation of global stablecoins, requiring issuers to have identifiable governance bodies and hold reserve assets in a 1:1 minimal proportion. The FSB will review the implementation of these recommendations by the end of 2025.

via Cointelegraph|
#cross-border-cooperation#crypto-regulation#cryptocurrency-regulation
cryptocurrency-regulation2 years ago

G20 watchdog exposes global crypto firms' lack of refuge

The G20's Financial Stability Board (FSB) has published final recommendations for supervising firms that trade cryptocurrencies, emphasizing the need for basic safeguards to prevent financial instability. The FSB's guidelines focus on robust governance, risk management, and disclosures to ensure customer funds are segregated from company cash. The collapse of FTX exchange in November 2022 highlighted vulnerabilities in the crypto sector, prompting the FSB to urge all countries, including non-members, to apply the recommendations. FSB Secretary General John Schindler emphasized that crypto firms can no longer operate outside the regulatory perimeter, as the framework provides clarity on the standards that should apply. The FSB's global baseline standards are expected to be complemented by additional measures from global banking and securities watchdogs.

via Reuters|
#crypto-firms#cryptocurrency-regulation#financial-stability-board
cryptocurrency-regulation2 years ago

Global Crypto Regulations Strengthened by Financial Stability Board Amidst Turmoil

The Financial Stability Board (FSB) has called for tougher global regulations on cryptocurrencies to safeguard client assets and prevent conflicts of interest. The FSB's recommendations aim to address the alleged bad behavior and volatility in the crypto sector, with a focus on separating activities and functions of major crypto conglomerates. The FSB cited recent incidents involving companies like FTX and Celsius as examples of the need for stricter rules. Different global approaches to crypto regulation exist, with the EU crafting tailored laws and the US seeking to apply existing rules. The FSB's recommendations aim to provide a flexible framework that encourages compliance while not stifling innovation.

via CoinDesk|
#conflicts-of-interest#crypto-assets#crypto-regulations