FSB Launches Global Crypto Regulatory Framework
Follow Us @
FSB Launches Global Crypto Regulatory Framework
Liputan6.com, Jakarta The crypto industry crash last year prompted tougher global scrutiny. The Financial Stability Board (FSB) warns of wider financial risks if crypto companies are not regulated.
The FSB released its global regulatory framework for crypto asset activity on Monday, July 17, 2023. This regulatory framework was influenced by the collapse of the crypto industry last year, referring to FTX and Terra.
As part of efforts to address these risks, the FSB set out nine top-level recommendations for regulators on how to police crypto companies and markets, as well as revised its recommendations on stablecoin oversight.
The recommendations, which also take into account feedback received during the FSB’s public consultation on the topic, include calls for cross-border cooperation between regulators, governance requirements for crypto issuers, and mandatory disclosures for the industry.
The FSB said it had strengthened some of its advice in light of recent events, including pushing to ensure adequate protection of client assets, and addressing risks associated with conflicts of interest.
“Last year’s events have highlighted the intrinsic volatility and structural vulnerability of crypto assets and associated players,” the Switzerland-based agency said in a press release, quoted from Decrypt, Tuesday (18/7/2023).
The FSB added that the crisis “spill” from cryptocurrencies into traditional finance could increase as the relationship between the two industries grows.
This framework is based on the principle of equal activity, equal risk, equal regulation, a principle which is supposed to ensure a level playing field of regulation by making different forms of the same activity–for example payments–follow the same rules.
Disclaimer: Every investment decision is in the hands of the reader. Study and analyze before buying and selling Crypto. Liputan6.com is not responsible for profits and losses arising from investment decisions.
FSB Launches Global Crypto Regulatory Framework
Follow TODAYSGIST on Google News and receive alerts for the main trending news on cryptocurrency, market trends, upcoming events, predictions, sanctions and lots more!
SHARE POST AND EARN REWARDS:
Did you like this post?!!! Join our Audience reward campaign and make money reading articles, shares, likes and comment >> Join reward Program
FIRST TIME REACTIONS:
Be the first to leave us a comment, down the comment section. click allow to follow this topic and get firsthand daily updates.
JOIN US ON OUR SOCIAL MEDIA: << FACEBOOK >> | << WHATSAPP >> | << TELEGRAM >> | << TWITTER >
#FSB #Launches #Global #Crypto #Regulatory #Framework
-
Cryptocurrency2 months ago
NFT Sales Touch IDR 4.3 Trillion in the Second Week of February 2024
-
Sports3 months ago
Making history at the 2023 Asian Cup, the Indonesian national team raises its position in the FIFA rankings
-
Sports2 months ago
PSG Will Try to Sign Frenkie De Jong from Barcelona
-
Sports2 months ago
Falling from Bilbao, Girona's position is threatened in the Spanish League
-
usa today entertainment3 months ago
Adu Outfit Park Min Young Becomes an Office Worker, from Drakor What's Wrong with Secretary Kim to Marry My Husband
-
Sports2 months ago
And Ashworth Urges Manchester United to Seize an Important Figure at Chelsea
-
Trend tech & Telecoms3 months ago
28 Terrorist Group Accounts Get Paid Blue Check on X
-
Sports3 months ago
Lukaku Calls Draw Away Good Results