The Financial Stability Board (FSB), an international organization that monitors the global financial system, has reportedly stated that it will be laying out steps to regulate crypto next year. According to Dietrich Domanski, the outgoing secretary-general of the FSB, mentioned that recent events have highlighted that it's "urgent to address risks" within the space. He explained:

“Many crypto market participants argue that authorities are hostile to innovation. I would say so far, authorities have been fairly accommodating.”

Domanski also noted that the goal of creating recommendations for crypto regulation will be to hold crypto projects “to the same standards as banks” if they are giving similar services as banks.

In the months ahead, the FSB is planning to create a timeline for global regulators to implement the initial recommendations. After providing recommendations, rules agreed upon at the FSB can be put into law by various national and regulators.

(By EZRA REGUERRA)