Financial Stability Board Publishes Final Report on International Regulatory Framework for Crypto

The Financial Stability Board (FSB), which coordinates transnational financial regulation and formulates and implements global financial standards, released the final report on the international regulatory framework for encryption, which contains two recommendations: High-level recommendations for the regulation, supervision and monitoring of encrypted asset activities and markets; Revised high-level recommendations on regulation, supervision and monitoring of "global stablecoin" arrangements. The FSB and the Sector Standards Setting Body (SSB) have developed a joint work plan for 2023 and beyond, through which they will continue to work in coordination in accordance with their respective mandates to facilitate the development of regulatory frameworks that are relevant to cryptoasset market activity that may constitute a global jurisdiction. A comprehensive and consistent global regulatory framework commensurate with risk, including more granular guidance, monitoring and public reporting through the SSB. In addition, the FSB and the International Monetary Fund (IMF) will submit a joint report to the G20 in September 2023, which will synthesize the policy outcomes of the IMF's work on macroeconomic and monetary issues with the FSB's publication today on regulatory and supervisory issues work.