FSB names implementation of cryptocurrency regulation a priority for the year
Earlier, the G20 countries have already approved the FSB’s recommendations on the supervision of activities in the field of digital assets
25.01.2024 - 14:35
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What’s new? The Financial Stability Board (FSB), established by the G20 countries, has published a work program for the current year. It cites ensuring the effective implementation of a harmonized global regulatory and supervisory framework for cryptocurrency activities as the most important area of focus. International stablecoin agreements are also mentioned as a priority.
What else is known? The FSB developed recommendations on crypto regulation in July 2023. The document mentioned that crypto firms should separate their own funds from client assets and avoid conflicts of interest by separating functions, while governments should cooperatively provide cross-border oversight. It also emphasized the risks of digital assets to financial stability, monetary sovereignty, and fiscal policy. G20 countries later endorsed the FSB’s recommendations.
Also, according to the roadmap, in October and November this year, the FSB will present reports on the implications of tokenization and the development of AI technologies for financial stability.
In addition, the board intends to work on the development of a common international standard for incident reporting exchange (FIRE).
Circle CEO allows the possibility of passing laws to regulate stablecoins in the United States this year
Last year, the bill to regulate payment stablecoins was approved by the specialized committee of the lower house of Congress
Last December, global securities regulator IOSCO published recommendations for regulating decentralized finance (DeFi).
PwC reported that 42 countries tightened crypto regulation in 2023.
In January, the Bank for International Settlements (BIS) named ensuring the privacy of national cryptocurrencies as its priority for 2024.
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