Financial Stability Board to lay out steps to regulate crypto industry in early 2023

According to the Financial Times, the Financial Stability Board (FSB), which coordinates multinational financial regulation and sets and enforces global financial standards, will formulate steps to regulate the cryptocurrency industry in early 2023 and quickly enact these measures. Over the next few months, the FSB intends to set a timetable for global regulators to implement its first recommendations on global crypto regulation, detailing areas where policymakers could benefit from “more clarity” before enacting rules, he said. "The goal is to create a system where crypto service providers will abide by the same standards as banks if they provide the same services as banks," he said.