FTX Failure Reveals Flaws In Crypto-Asset — FSB
The Financial Stability Board (FSB) has suggested that the crypto industry may need additional regulations to prevent similar situations as the FTX scandal. The FSB argues that the collapse of FTX exposed flaws in multifunction crypto-asset intermediaries (MCIs), platforms that combine trading and related activities.
The lack of effective controls and transparency further exacerbates these vulnerabilities. The FSB suggests that regulators assess whether recommendations from the FSB and the International Organization of Securities Commissions will prevent crypto-related risks from being exacerbated in the broader financial landscape.
(With inputs from Shikha Singh)
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