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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.

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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.

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“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).

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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.

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FSB Launches Global Crypto Regulatory Framework

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