According to a senior official, the Financial Stability Board (FSB) is bringing together international regulators to create the first global framework of rules for the cryptocurrency industry.
Although they are traded by international companies, the rules governing binding digital assets still vary from country to country. Regulators are now paying attention to the issue, as crypto assets are now viewed as a threat to financial stability.
Robert Ophele, chairman of France’s markets watchdog AMF and a member of the FSB, noted that regulators followed the “universal basic principle” of the same rules to cover the same risks.
Although the FSB does not have the authority to set binding rules, its members could work towards introducing its regulatory principles into their national notebooks.
“I do expect that for some of them, we do have international regulatory convergence… primarily stablecoins and digital asset service providers. I do think we could achieve, deliver on these issues in the next few quarters… the FSB is going full steam on this issue, “Ophele said.
For more information, read the <a rel=”noopener” href=”https://www.reuters.com/technology/global-regulators-going-full-steam-tame-crypto-currencies-2022-02-09/” target=”_blank”>original story</a> in Reuters.