The Financial Stability Board (FSB), made up of the central banks and financial regulators of the G20 countries, has completed a research report that includes tougher sanctions for the global crypto framework.
USA, European Union (EU), China And England including about from 24 different jurisdictions The Financial Stability Board (FSB), which brings together regulators, has shared its research report, which observes stricter rules on the crypto money market. Board under the global crypto framework against industry tougher sanctions called for its implementation. On the basis of the call in 2022 big in the cryptocurrency market bankruptcies And billions of dollars in damage took place.
Emphasizing that more clear steps should be taken so that investors do not suffer more from the crypto money sector, the FSB said that the sector consistent And comprehensively It also published recommendations for its regulation.
The FSB cites the recent collapse of crypto-focused banks as it justifies tougher global rules. FTX bankrupt, stablecoin issuer to the circle belonging of USDC He referred to the short-term de-peg two months ago and the collapse of TerraUSD (UST) in May 2022.
The events of the past year have revealed the inherent volatility and structural vulnerabilities of cryptocurrencies and related actors.
FSB General Secretary John Schindler In his statement to the global press, he stated that the global framework that is being tried to be created does not mean a new rulebook for the crypto money industry, and that the target point in practice is similar to traditional finance:
This global framework is not intended to write an entirely new regulatory rulebook for cryptocurrencies. Cryptocurrency activities are not unlike traditional financial activities, as some would like us to believe, and similar rules should apply.