Financial Stability Board publishes global regulatory framework for crypto assets
The Financial Stability Board (FSB) has released a global regulatory framework for crypto-asset activities, aiming to ensure consistent and comprehensive regulation in the sector.
The Financial Stability Board (FSB) issued a regulatory framework for crypto-asset that is based on the principle of ‘same activity, same risk, same regulation’. The proposed regulatory framework takes into account the lessons learned from the events of the past year in crypto-asset markets. It focuses on addressing risks to financial stability and includes recommendations on safeguarding client assets, addressing conflicts of interest, and strengthening cross-border cooperation.
The framework does not cover Central Bank Digital Currencies (CBDCs). The FSB will continue coordinating with standard-setting bodies and international organizations to develop a comprehensive global regulatory framework. The FSB’s work plan for 2023 and beyond includes more granular guidance, monitoring, and public reporting on crypto asset activities.
The Financial Stability Board is a group of global regulators, located in Basel, Switzerland, and hosted by the Bank for International Settlements.
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