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FSB pushes for crypto rules for G20 countries

The FSB (Financial Stability Board) yesterday, July 11, 2022, issued a statement urging an effective regulatory framework for crypto assets after the recent market turmoil.

By Finst News
• 3 min read
FSB pushes for crypto rules for G20 countries

The FSB (Financial Stability Board) yesterday, July 11, 2022, issued a statement urging an effective regulatory framework for crypto assets after the recent market turmoil. In October, the body plans to tighten rules for the international regulation of crypto assets.

The trigger here is the current market volatility and the growing interconnectedness with traditional financial markets.

The statement focuses mainly on the regulation of stablecoins. The publication notes that crypto assets, which would carry similar risks as traditional financial transactions, should also be subject to the same regulatory rules.

However, the FSB will only report to the finance ministers and central bank chiefs of the G20 in October on concrete regulatory and supervisory approaches. The supervisory body is therefore far behind the European Union. The EU has already decided this week on a comprehensive crypto regulatory framework for Bitcoin, NFTs, and more, as BTC-ECHO reports.

Moreover, the FSB does not have legislative powers. The member countries can decide whether to apply the regulations, but they are not required to do so.

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