The Financial Stability Board's global regulatory framework receives mixed reactions from industry players
The FSB's recent announcement comes in response to the increasing impact of cryptocurrencies on the global economy. Image: Shutterstock
On July 17, the Financial Stability Board (FSB) published the final recommendations requested by the Group of 20 (G20) nations on supervising firms that trade crypto assets such as bitcoin. During their meeting in Gandhinagar, Gujarat, the FSB also revised its existing recommendations for stablecoins in light of the demise of TerraUSD and Luna coins.
The G20's FSB monitors and makes recommendations on the global financial system. Under the global rules it announced, cryptocurrency firms will have to introduce basic safeguards to prevent events such as the collapse of FTX Exchange.