FSB ReleasesGlobal Crypto
The Financial Stability Board (FSB) has released its latest Directory of Crypto-Assets Regulators ahead of this week’s G20 in Washington.
The FSB is formed by an amalgamation of 68 finance departments and central banks of the G20 and was chaired last year by the Bank of England’s head Mark Varney, who has expressed his concerns about cryptocurrency on more than one occasion. The current chair is Randal Quarles who is also Vice Chairman for Supervision of the US Federal Reserve.
The Directory of Crypto-Assets Regulators provides information on the relevant regulators and other authorities in FSB jurisdictions and international bodies who are dealing with crypto-asset issues, and the aspects covered by them.
The last FSB report in October 2018 looked at Crypto-asset markets, stating then that “FSB members have to date taken a wide variety of domestic supervisory, regulatory, and enforcement actions related to crypto-assets”. The latest report stated as it has before that “crypto-assets do not pose a material risk to global financial stability at this time” but that “vigilant monitoring is needed in light of the speed of market developments”.
However, the report cited its usual concerns such as consumer and investor protection, anti-money laundering, tax evasion, circumvention of capital controls and illegal security offerings, areas which were also addressed last year in July in another FSB Crypto-assets report.
The FSB was launched after the 2008 financial crisis, designed to monitor the global financial system, and principally to encourage effective regulatory, supervisory and other financial sector policies in the interest of financial stability.
Its been reported that the G20 will also meet in Fukuoka Japan in June to discuss international cryptocurrency Anti Money Laundering regulation.
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