FSB to lay out global standards for crypto regulation: Reports
Dietrich Domanski, the outgoing secretary general of the FSB, said that recent events highlighted that it’s “urgent to address risks” within the space.
The FTX collapse spurred action from a global financial watchdog to give recommendations to regulate the crypto industry early in 2023.
The Financial Stability Board (FSB), an international organization that monitors the global financial system, has reportedly stated that it will be laying out steps to regulate crypto next year. According to Dietrich Domanski, the outgoing secretary-general of the FSB, recent events have highlighted that it’s “urgent to address risks” within the space. He explained:
“Many crypto market participants argue that authorities are hostile to innovation. I would say so far, authorities have been fairly accommodating.”
Domanski also noted that the goal of creating recommendations for crypto regulation will be to hold crypto projects “to the same standards as banks” if they are giving similar services as banks.
