The G20 asks to apply international regulation of crypto assets

The Financial Stability Board (FSB), which is a member of the G20 countries, urges all nations in the world to apply the international regulation of crypto assets and stablecoins that it recommends.

The FSB published its final recommendations for the regulation, supervision and surveillance of the crypto universe, a task entrusted to it by the G20 countries after the tensions that were seen in 2022 and at the beginning of this year in the crypto asset markets, such as the collapse of Luna de Terra.

FSB Secretary General John Schindler said in presenting the recommendations that to ensure that broadly defined crypto assets do not pose a threat to the financial system, agreements need to be reached on minimum global standards, which are implemented worldwide. and that authorities coordinate and cooperate.

All countries, also those that are not in the G20, must have adequate legislations to supervise the activities of crypto assets, must implement them, and must coordinate and cooperate, according to the FSB.

Regulation must be proportional to the risks posed by these financial instruments.

Taken from El Sumario

(Reference image source: Kanchanara, Unsplash)

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