Financial Stability Board Lays Out G20 Crypto and Stablecoin Plans
Source: G20.org The Financial Stability Board (FSB), an international advisory body created by the G20, has laid out its recommendations for crypto regulation , and said most existing stablecoins are not in compliance. FSB’s recommendations for crypto and stablecoin regulation were first endorsed by the G20 – a group consisting of the world’s 20 largest economies – two years ago, with updated recommendations published on Tuesday this week along with a request for public feedback . Perhaps most importantly, the recommendations clearly showed that the FSB is concerned about custodial wallet providers and exchanges, and to what extent they should be held liable for things like the loss of private keys. The loss of keys by a wallet provider supporting a stablecoin could ultimately bring the safety of the specific stablecoin into question, the document containing the recommendations explained. For instance, actions taken by the crypto exchange Bina...