IMF calls on Financial Stability Board to lead crypto regulation
The supervisory authority can also guide the national implementation of crypto regulation taking into account industry standards
27.09.2022 - 14:40
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What’s new? The International Monetary Fund (IMF) has called on the Financial Stability Board (FSB) to lead global efforts on crypto regulation. IMF reports say the FSB is “well placed to take the lead in coordinating and establishing global standards to support national regulation of crypto assets.” The FSB can also guide national implementation of crypto regulation taking into account industry standards, according to The Block, citing the IMF reports.
Information on The Block's website
What do the reports say? Some of the measures include developing common global categories to create cross-sector standards and data collection. They also call for a risk-based approach, with additional requirements for “entities and activities that generate more risk,” and recommend backing of stablecoins with safe and liquid assets.
According to the FSB, it will report to G20 finance ministers and central bank officials in October on “high-level recommendations” for cryptocurrencies and stablecoins.
Earlier, the Defense Advanced Research Projects Agency (DARPA) of the US Department of Defense began an extensive study of cryptocurrencies to determine what threats they could pose to national security and law enforcement. The department hired a digital asset analytics company, Inca Digital, to conduct the work. The study will last a year.
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