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Financial Stability Board Calls for Tougher Global Crypto Rules After Year of Turmoil

The G20's Financial Stability Board has stated that crypto firms must introduce basic safeguards to prevent the blow-ups seen at FTX exchange and other crypto casualties, due to globally agreed rules. The watchdog has published final recommendations for supervising firms that trade cryptoassets such as bitcoin, and revised its existing recommendations for stablecoins in light of the demise of TerraUSD/Luna coins. The FSB has emphasized the need for robust governance to avoid conflicts of interest, proper risk management and disclosures to ensure that customer money is segregated from company cash. The collapse of FTX in November 2022 highlighted vulnerabilities from crypto firms, and the FSB has urged all countries to apply the recommendations, even those that are not members of the watchdog.

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