FSB updates on international regulation and supervision of crypto activities

The FSB has published a statement on international regulation and supervision of cryptoassets activities. Highlights include:

• the FSB will continue to facilitate cross-border and cross-sectoral cooperation amongst national financial authorities and international standard-setting bodies as they work to address the potential financial stability risks posed by crypto;
• FSB member authorities will implement applicable international standards into national regulatory and supervisory frameworks (to the extent not already reflected), eg FATF Recommendation 15 (registration/licensing from AML/CFT standpoint) and FATF Recommendation 16 (travel rule). They will also adopt guidance, recommendations and best practices of international standard-setting bodies where appropriate;
• the FSB will report to the G20 in October on regulatory and supervisory approaches to stablecoins and other cryptoassets and will submit to that meeting:
  • a public consultation report on the review of its high-level recommendations for the regulation, supervision and oversight of “global stablecoin” arrangements; and
  • a public consultation report that proposes recommendations for promoting international consistency of regulatory and supervisory approaches to other cryptoassets and cryptoasset markets and strengthening international cooperation and coordination.