{"id":160261,"date":"2022-07-13T11:04:28","date_gmt":"2022-07-13T11:04:28","guid":{"rendered":"https:\/\/precoinnews.com\/?p=160261"},"modified":"2022-07-13T11:04:28","modified_gmt":"2022-07-13T11:04:28","slug":"g20-watchdog-announces-robust-global-crypto-regulation-coming-in-october-regulation-bitcoin-news","status":"publish","type":"post","link":"https:\/\/precoinnews.com\/crypto\/g20-watchdog-announces-robust-global-crypto-regulation-coming-in-october-regulation-bitcoin-news\/","title":{"rendered":"G20 Watchdog Announces 'Robust' Global Crypto Regulation Coming in October – Regulation Bitcoin News"},"content":{"rendered":"
The Financial Stability Board (FSB) says it is working on a “robust” regulatory framework for crypto assets and will report its recommendations to the G20 finance ministers and central bank governors in October.<\/strong><\/p>\n The Financial Stability Board (FSB), an international body that monitors and makes recommendations about the global financial system, released a statement Monday on the “international regulation and supervision of crypto asset activities.”<\/p>\n The G20 watchdog stated that it is committed to promoting “international consistency of regulatory and supervisory approaches amongst national authorities and international standard-setters as they work towards developing risk-based, technology-neutral policy for the wide spectrum of crypto-assets, grounded in the principle of ‘same, activity, same risk, same regulation.’”<\/p>\n Noting that crypto assets, including stablecoins, are fast evolving, the FSB explained that the recent turmoil in crypto markets “may have spill-over effects on important parts of traditional finance such as short-term funding markets.” The organization detailed:<\/p>\n An effective regulatory framework must ensure that crypto-asset activities posing risks similar to traditional financial activities are subject to the same regulatory outcomes, while taking account of novel features of crypto-assets and harnessing potential benefits of the technology behind them.<\/p>\n<\/blockquote>\n “Crypto-assets and markets must be subject to effective regulation and oversight commensurate to the risks they pose, both at the domestic and international level,” the FSB elaborated.<\/p>\n Furthermore, crypto service providers “must at all times ensure compliance with existing legal obligations in the jurisdictions in which they operate,” the financial stability watchdog detailed.<\/p>\n <\/p>\n The statement continues:<\/p>\n The FSB is working to ensure that crypto-assets are subject to robust regulation and supervision.<\/p>\n<\/blockquote>\n “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 watchdog concluded.<\/p>\n In February, the FSB published a report examining the risks crypto poses to financial stability. The report noted that “Crypto-asset markets are fast evolving and could reach a point where they represent a threat to global financial stability due to their scale, structural vulnerabilities and increasing interconnectedness with the traditional financial system.”<\/p>\n Last week, the U.S. Treasury Department submitted a crypto framework for international engagement to President Joe Biden as directed in the executive order issued back in March.<\/p>\nFSB to Present Robust Crypto Regulatory Framework to G20 in October<\/h2>\n
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