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The Financial Stability Board (FSB), a global entity that oversees and provides guidance for the worldwide financial system, has <a href="https://www.fsb.org/2023/07/fsb-finalises-global-regulatory-framework-for-crypto-asset-activities/" rel="noopener noreferrer nofollow">unveiled</a> a universal regulatory structure for activities related to crypto-assets, in response to a mandate from the G20. The objective of this framework is to foster a thorough and globally harmonized approach to regulation and supervision.The FSB&#39;s move comes in response to the <a href="https://cryptotale.org/binance-to-remove-several-ftt-pairs-from-list-of-trading-instruments/" rel="noopener noreferrer nofollow">events of the past year</a> that underscored the inherent volatility and structural vulnerabilities of crypto-assets and their associated entities. Per the FSB, the <a href="https://cryptotale.org/mojito-markets-say-the-ftx-crash-has-disproportionately-affected-them-in-many-ways/" rel="noopener noreferrer nofollow">failure</a> of a key service provider in the crypto-asset ecosystem could rapidly transmit risks to other parts of the ecosystem. The entity&#39;s words reflected the potential risk associated with events like the collapse of the major cryptocurrency exchange FTX.The framework put forth by the Financial Stability Board (FSB) is composed of two unique sets of recommendations. The <a href="https://www.fsb.org/2023/07/high-level-recommendations-for-the-regulation-supervision-and-oversight-of-crypto-asset-activities-and-markets-final-report/" rel="noopener noreferrer nofollow">first set</a> offers overarching guidelines for the regulation, supervision, and oversight of crypto-asset activities and markets. The FSB aims to set a global regulatory standard with these guidelines, although some jurisdictions may opt for more stringent regulatory actions.The <a href="https://www.fsb.org/2023/07/high-level-recommendations-for-the-regulation-supervision-and-oversight-of-global-stablecoin-arrangements-final-report/" rel="noopener noreferrer nofollow">second part</a> of the recommendations offers updated high-level guidelines for the regulation, supervision, and oversight of &#34;global stablecoin&#34; arrangements. The aim of these recommendations is to encourage uniform and efficient regulation, supervision, and oversight of global stablecoin arrangements across different jurisdictions, in order to mitigate potential risks to financial stability.Read full article at <a href="https://cryptotale.org/financial-stability-board-sets-new-global-standards-for-crypto-regulation/" rel="noopener noreferrer nofollow">CryptoTale.</a>

Financial Stability Board Sets New Global Standards for Crypto Regulation

CryptoTale

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