FSB Finalizes Global Regulatory Framework for Crypto
The aim of FSB was to provide a regulatory framework that would comply with the principle of “same activity, same risk, same regulation” and cover all possible risks related to crypto activity.
The aim of FSB was to provide a regulatory framework that would comply with the principle of “same activity, same risk, same regulation” and cover all possible risks related to crypto activity.
According to the paper released following a two-day G20 Finance Ministers and Central Bank Governors meeting in Bengaluru, India, the institutions will introduce the standards for global crypto regulation in July and September.
While banks are afraid of the competition with FinTech startups, they forget about BigTech companies that can be really serious rivals for them, according to experts from Financial Stability Board.
G20 member countries held a summit devoted to digital assets. Currently, they are looking at an October deadline for reviewing a global anti-money laundering (AML) standard on cryptocurrency.
Bitcoin and other cryptocurrencies show recovery after positive comments from the Financial Stability Board. Today’s discussion of the G20 ministers will put more light on the state of crypto regulations.
In the run-up-to G20 summit, the news about the FSB’s positive approach to cryptocurrencies has resulted in an optimistic upturn in the market.