The Financial Stability Board, the global financial watchdog, joins tax and money laundering agencies seeking coordinated international action to regulate the industry.
La Financial Stability Board (FSB) said it could lead the formulation of global regulations to cover cryptoassets, said its chairman, Klaas Knot.
“The FSB is well positioned to take a leading role in designing a coherent global regulatory framework for cryptoassets” said Knot at the annual meeting of the International Swaps and Derivatives Association in Madrid.
It is worth noting that the Financial Stability Board is a relevant international body, made up of the finance ministries, central banks and financial bodies of member countries.
It is based in Basel, Switzerland, reports to the Group of 20 of the world’s largest economies and develops rules designed to stop 2008-style crises, such as those applied to major international banks deemed too big to fail.
The body appeared to respond to a call from jurisdictions such as the European Union for an international framework for the sector, mirroring the kind of global rules introduced for banks and the financial system after 2008.
The FSB also warned in February of the risk that a growing and largely unregulated sector could pose to investor confidence and financial crime. It said it should produce a report on the stablecoins in October. It would join international standards issuers such as the Financial Action Task Force y la Organisation for Economic Co-operation and Development, OECD which are respectively responsible for developing tax and anti-money laundering rules for the sector.
Review existing legislation
Knot said the proposed regulation I wouldn’t have to start from scratch and would first consider the existing laws that already apply to cryptocurrencies.
“This will provide a basis for additional work to address a place where cryptocurrency can be sent to and from, in the form of a string of letters and numbers. risks not covered by these pre-existing standards.” Dijo. “Today’s cryptoasset a cryptoasset is any digital asset that uses cryptographic technologies to maintain its operation as a currency or decentralized application. markets are not operating in a lawless environment or a sterile regulatory landscape.”
Earlier this month, the European Union’s financial services commissioner, Mairead McGuinness, called for a “global crypto deal” para proteger a los inversores, salvaguardar la estabilidad y limitar el impacto ambiental de la minería de Bitcoin the biggest and most popular cryptocurrency in the world. It is a decentralized digital currency that enables users to make trustless peer-to-peer transactions. and seems to have found support the opposite of Resistance, it is a threshold that crypto’s price doesn’t fall below. within the bloc. McGuiness had also said in February that progress was made on a draft law on the digital digital technologies are these electronic tools that have the ability to generate, store or even process data. euro.
The global rules are “the right idea” , EU lawmaker Stefan Berger, architect of the bloc’s national cryptocurrency cryptocurrencies are digital currencies that use cryptographic technologies to secure their operation. law known as MiCA, also said at an event in Brussels on Monday.“Necesitamos, al final, una regulación mundial”.
It is worth noting that the FSB has not spoken out against crypto in previous statements. For example, in 2019 he made his position clear: he thinks that Bitcoin does not threaten the world economy . Since then, however, he has advocated global regulation.
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