FSB Crypto Proposals

The Financial Stability Forum (FSF) was established by the leaders of G20 in 1999 in a bid to foster international cooperation between global financial bodies. In 2008, it changed to the Financial Stability Board (FSB) as a means to widen its membership. Its scope was widened to “boost cooperation among authorities, standard-setters and financial institutions to address vulnerabilities and implement strong policies for financial stability.” This new scope came from dealing with emerging financial systems such as cryptocurrencies. In 2020, the FSB began a conversation on digital assets by releasing 2022 high-level recommendations for the regulation, supervision and oversight of “global stablecoin” (GSC) arrangements. The recommendations came with a timeline; by July 2023, the FSB planned to finalize revised recommendations based on public input. And that time is now….

Crypto regulation in 2023

Source: Elliptic

The FSB defines a “global stablecoin” (GSC) as being “a coin that functions as …