On Friday the Financial Stability Board (FSB) whose purpose is to promote global stability, published a
report into crypto-assets. The paper will be delivered at the meeting of G20 Finance Ministers in Japan on 8-9 June. It considers whether more member coordination is required to address crypto-asset issues. The FSB recommendation is to continue monitoring and keep crypto-assets under review.
The report delves into the crypto-asset activities of many of the world’s global financial watchdogs. Some of the details have previously been covered, such as the
Basel Committee and
FATF reports. Much of the activity relates to investor and consumer protection, market integrity, bank exposures, payment systems, financial stability monitoring and AML/CFT.
It then considers the potential for things to slip through the cracks concerning regulation and market oversight. This is particularly the case where a crypto-asset is not considered a security. The report doesn’t mention examples, but this would include Bitcoin and probably Ether. The FSB avoids using the phrase cryptocurrency because it doesn’t regard these crypto-assets as meeting the attributes of a currency.
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