The Financial Stability Board (FSB) said on July 11 that it would propose ‘robust’ global rules for cryptocurrencies in October, following recent turmoil in markets that has highlighted the need to regulate the ‘speculative’ sector.
The FSB, a body of regulators, treasury officials and central bankers from the Group of 20 economies (G20), has so far limited itself to monitoring the crypto sector, saying it did not pose a systemic risk.
About Financial Stability Board (FSB)
- The Financial Stability Board (FSB) is an international body that monitors and makes recommendations about the global financial system.
- The FSB was established in April 2009 as the successor to the Financial Stability Forum (FSF).
- At the Pittsburgh Summit, the Heads of State and Government of the G20 endorsed the FSB’s original Charter of 25 September 2009 which set out the FSB’s objectives and mandate, and organisational structure.
- The FSB has assumed a key role in promoting the reform of international financial regulation and supervision.
- The FSB promotes international financial stability; it does so by coordinating national financial authorities and international standard-setting bodies as they work toward developing strong regulatory, supervisory and other financial sector policies.
- It fosters a level playing field by encouraging coherent implementation of these policies across sectors and jurisdictions.
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