The Financial Stability Board (FSB), which coordinates financial rule making among the G20 countries, has put forward a framework for the international regulation of crypto assets.
Currently the sector is unregulated in many countries and crypto firms only have to comply with anti-money laundering rules.
The FSB, which is chaired by Dutch Central Bank president Klaas Knot, said that the proposals share the principal of “same activity, same risk, same regulation”. Regardless of whether an activity takes place at a bank, payment provider or cryptocurrency exchange, the same rules should apply.
The FSB added that any regulations should take into account specific risks of crypto assets and address any stability issues that arise from the growing links between traditional finance and the crypto ecosystem.
The framework also contains revised high-level recommendations designed to address the regulation of stable coin.
The proposals have been put out to public consultation until 15 December and will be finalised by mid 2023.
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