G20 Watchdog to Propose First Global Crypto Rules in October

The Financial Stability Board (FSB), a body of regulators, treasury officials and central bankers from the Group of 20 economies (G20), issued a statement saying it will launch global rules for cryptocurrency regulation in October this year. The statement noted that crypto-assets, including so-called stablecoins, are fast-evolving. Crypto-assets and markets must be subject to effective regulation and oversight commensurate to the risks they pose, both at the domestic and international level. Crypto-asset service providers must at all times ensure compliance with existing legal obligations in the jurisdictions in which they operate. In addition, stablecoins should be captured by robust regulations and supervision of relevant authorities if they are to be adopted as a widely used means of payment or otherwise play an important role in the financial system. The FSB is working to ensure that crypto-assets are subject to robust regulation and supervision. The FSB will report to the G20 Finance Ministers and Central Bank Governors in October on regulatory and supervisory approaches to stablecoins and other crypto-assets.