News

G20 Regulators Have Called For New Global Cryptocurrency Legislation.

In October, the Financial Stability Board will present a report on regulatory and supervisory measures to crypto assets to the G20 Finance Ministers and Central Bank Governors. The FSB cites recent market volatility as proof of the risks that crypto assets pose to financial stability.

G20 Regulators Have Called For New Global Cryptocurrency Legislation.

On Monday, the Financial Stability Board (FSB) advocated for new global regulations for cryptocurrencies and announced that it will present a report on regulatory and supervisory approaches to stablecoins and other crypto assets to the G20 Finance Ministers and Central Bank Governors in October.

Recent market turmoil was cited by the group of regulators, government officials, and central bankers as evidence of a risk to financial stability, emphasizing that the failure of a market player can quickly transmit risks to other parts of the ecosystem and have spillover effects into traditional finance.

The FSB statement specifically included “so-called” stablecoins, which have been on the agenda for numerous financial regulators since before the Terra crash in May.

The FSB is a Swiss-based multinational organization that manages and supports worldwide financial stability. Its members include national authorities and central banks from 24 countries, including the United States, Russia, and China, and it works with another 70.

G20 Regulators Have Called For New Global Cryptocurrency Legislation.

While it is emphasizing current market concerns as a reason to act, the FSB has been looking into cryptocurrency for some time. It produced a report in February examining the dangers posed by crypto assets, saying that their scale, structural vulnerabilities, and rising interconnection with the traditional financial system could jeopardize global financial stability.

The FSB’s position is consistent with recent remarks from senior finance officials and committees. The Bank of England’s Financial Policy Committee warned on July 5 that crypto assets could one day represent a risk to the wider financial system and asked for “enhanced regulation.” This attitude was mirrored last Friday by US Federal Reserve vice chair Lael Brainard, who stated that the sector requires “strong guardrails.”

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Join CoinCu Telegram to keep track of news: https://t.me/coincunews

Follow CoinCu Youtube Channel | Follow CoinCu Facebook page

Patrick

CoinCu News

Victor

Recent Posts

Bitcoin, Ethereum, And Solana Lead Crypto Market, But Not For Long With New AI Altcoin With 30,000% Potential, Expert Says

Bitcoin (BTC), Ethereum (ETH), and Solana (SOL) dominate the crypto market, but experts warn that…

57 mins ago

Dogecoin Price Prediction: Will DOGE Ever Hit $0.7 Again? Why ETFSwap (ETFS) Is The Best Alternative For 100x Gains

Discover the future as the Dogecoin price aims for a $0.7 comeback and discover why…

4 hours ago

Step into BlockDAG’s Presale Frenzy This November: Secure a Massive 100% Bonus with BDAG100!

November is the perfect time for BlockDAG's huge presale. Use BDAG100 to double your purchase.…

6 hours ago

OpenSea New Version Will Be Launched In December

OpenSea new version is scheduled to launch in December, with an improved user experience, improved…

6 hours ago

This website uses cookies.