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.