Klaas Knot, the head of the Financial Stability Board (FSB), has described how the group intends to confront major threats to financial stability this year, such as cryptocurrency and decentralized finance (DeFi). The FSB has an ambitious work schedule to complete a regulatory framework for crypto assets in 2023, and it will make suggestions for particular standard-setting bodies and oversee their implementation. The “same risk, same regulation” guiding principles for financial market infrastructures are extended to stablecoins by the BIS and International Organization of Securities Commissions.
Many stablecoins fall short of coming regulatory recommendations, says FSB chair
