FSB Finalizes Crypto Assets Regulatory Framework
The Financial Stability Board (FSB) has completed a global regulatory framework for crypto asset activity. The approach, which is founded on the idea of “same activity, same risk, same regulation,” intends to handle the volatile character of crypto-asset markets while mitigating possible threats to global financial stability.
The FSB has released a regulatory framework for cryptocurrencies, aligning with G20 discussions on a global framework. The report aims to guide discussions and promote international cooperation in regulating crypto assets. The FSB emphasizes the need for crypto-asset service providers to operate under enforceable legal basis, ensuring compliance with regulations equivalent to traditional financial markets.
Furthermore, the framework emphasizes the need of governments being able to take remedial actions if crypto issuers fail to follow the stated rules. This clause aims to maintain accountability and the integrity of the cryptocurrency asset market.
(With inputs from Shikha Singh)
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