The Financial Stability Board will submit a report to the G20 Finance Ministers and Central Bank Governors in October on regulatory and supervisory approaches to crypto assets.
The FSB is an international body based in Switzerland that coordinates on and promotes international financial stability. Its members include national authorities and central banks from 24 jurisdictions, including the US, Russia and China, and conducts outreach with approximately a further 70.
But while it's emphasizing current market issues as an impetus to act, the FSB has been looking at crypto for a while now. In February it published a report assessing risks from crypto assets, warning that they could pose to global financial stability due to their scale, structural vulnerabilities and increasing interconnectedness with the traditional financial system.
The FSB’s statement aligns with several recent comments from senior finance officials and committees. On July 5, the Bank of England’s Financial Policy Committee warned that crypto assets may one day pose a risk to the wider financial system and called for “enhanced regulation”. Last Friday, this sentiment was alsoby US Federal Reserve vice chair Lael Brainard, who said that the sector needs"strong guardrails.
© 2022 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.Callan is a reporter for The Block based in London. She started her career at an expat magazine in southern China and has since worked for publications in China, Somaliland, Georgia and the UK. She also edits the podcast ChinaTalk.
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