FSB recommends new worldwide regulations on risk reduction and avoidance of conflicts of interest for crypto stock exchanges

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Neue globale Vorschriften für Krypto-Börsen empfohlen Die Mitglieder des Financial Stability Boards (FSB) haben neue globale Vorschriften für Krypto-Börsen empfohlen. Diese Vorschriften sollen Maßnahmen zur Risikominderung und Vermeidung von Interessenkonflikten enthalten. Das FSB ist eine internationale Finanzinstitution, die aus Vertretern der G20 besteht und für die Überwachung und Koordination der Finanzstabilität zuständig ist. Laut einem Bericht von Reuters hat das FSB Empfehlungen zur globalen Regulierung von Krypto-Börsen ausgesprochen. Der Generalsekretär des FSB, John Schindler, riet allen Ländern, die Empfehlungen anzunehmen, auch wenn sie kein Mitglied der G20 sind. Dadurch könnten zukünftig auch Tragödien wie der Zusammenbruch von FTX vermieden werden. …
New global regulations for crypto exchanges recommend the members of the Financial Stability Board (FSB) have recommended new global regulations for crypto exchanges. These regulations should contain measures to reduce risk and avoid conflicts of interest. The FSB is an international financial institution that consists of representatives of the G20 and is responsible for monitoring and coordinating financial stability. According to a report by Reuters, the FSB has made recommendations for global regulation of crypto exchanges. The General Secretary of the FSB, John Schindler, advised all countries to accept the recommendations, even if they are not a member of the G20. This could also avoid tragedies such as the collapse of FTX in the future. ... (Symbolbild/KNAT)

New global regulations for crypto exchanges recommended

The members of the Financial Stability Board (FSB) have recommended new global regulations for crypto exchanges. These regulations should contain measures to reduce risk and avoid conflicts of interest.

The FSB is an international financial institution that consists of representatives of the G20 and is responsible for monitoring and coordinating financial stability.

According to a report by Reuters, the FSB has given recommendations for the global regulation of crypto exchanges. The General Secretary of the FSB, John Schindler, advised all countries to accept the recommendations, even if they are not a member of the G20. This could also avoid tragedies such as the collapse of FTX in the future. FTX was based on the Bahamas that are not part of the G20.

In addition to regulatory transparency for stock exchanges, crypto companies could no longer rely on ignorance, says Schindler.

The Basel Banking Committee and the International Organization of the Securities Supervisory Authorities (IOSCO) will work out even more detailed rules. The latter had already proposed this global approach in May.

In July 2022, the FSB published a draft with new recommendations, the implementation of which the G7 heads of state and government committed. They also accepted the global recommendations of the Financial Action Task Force to reduce the money laundering risk in cryptocurrencies.

The recommendations should come into force from 2025.

A new bill goes into the recommendations of the EU supervisory board. At the beginning of the year, Elizabeth McCaul, member of the EU supervisory board, said that every assessment of a stock exchange risk profile should take into account all countries in which this is active. The European draft law on markets for crypto-assets (Micar) is therefore a good start, but can still be improved.

The European Union has already passed the law to regulate stock exchanges and cryptocurrencies in April, but it should not come into force until the end of 2024.

According to the FSB, the new recommendations can help companies whose activities are not recorded by laws such as Micar. In addition, they would offer a comprehensive framework that the countries needed for risk management.

In the United States, it remains exciting. Only last week Thursday, the US stock exchange supervision (Sec) lost part of the trial against Ripple Labs. The final outcome of this legal procedure could influence the way the country will deal with the crypto industry in the future.

In addition, the US senators lummis and Gillibrand brought their responsible financial innovation act into the congress again last week. This suggests the majority of all cryptocurrencies to be defined as goods instead of as securities.