The Financial Stability Board (FSB) said on Monday it would propose 'robust' global rules for cryptocurrencies in October, following recent turmoil in markets that has highlighted the need to regulate the 'speculative' sector.
Representations of cryptocurrencies Bitcoin, Ethereum, DogeCoin, Ripple, Litecoin are placed on PC motherboard in this illustration taken, June 29, 2021. REUTERS/Dado Ruvic/Illustration/File PhotoLONDON, July 11 - The Financial Stability Board said on Monday it would propose "robust" global rules for cryptocurrencies in October, following recent turmoil in markets that has highlighted the need to regulate the "speculative" sector.
But recent turmoil in crypto markets has highlighted their volatility, structural vulnerabilities and increasing links to the wider financial system, the FSB said."The failure of a market player, in addition to imposing potentially large losses on investors and threatening market confidence arising from crystallisation of conduct risks, can also quickly transmit risks to other parts of the crypto-asset ecosystem," the FSB said in a statement.
TerraUSD stablecoin collapsed earlier this year, and withdrawals and transfers from major crypto firms Celsius Network and Voyager Digital have rattled markets. "The FSB will report to the G20 Finance Ministers and Central Bank Governors in October on regulatory and supervisory approaches to stablecoins and other crypto-assets," the FSB said.
Malaysia Latest News, Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
G20 regulators call for new global rules on cryptocurrenciesThe 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.
Read more »
G20 regulators call for new global rules on cryptocurrenciesThe 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.
Read more »
Biden administration proposes requiring states to set tailpipe emissions targetsPresident Biden is proposing a rule that would standardize emissions tracking between the states and allow them to set their own rules so long as they align with national guidance.
Read more »
Crypto Payments Are Acceptable in Foreign Trade, Russia’s Financial Watchdog Says – Regulation Bitcoin NewsRussian financial watchdog Rosfinmonitoring is ready to accept the use of cryptocurrencies in international settlements, its director says.
Read more »
Celsius Network Pays Off Maker Loan, Freeing Up $440M of CollateralCrypto lender CelsiusNetwork reclaimed $440 million of collateral on Thursday after it fully paid off a loan on MakerDAO, one of the largest DeFi platforms in the crypto universe.
Read more »