The Financial Stability Board (FSB), an international body that monitors financial systems and proposes rules with the goal of preventing financial crises, plans to present recommendations for regulating crypto in October, according to a statement on Monday.
The Basel, Switzerland-based organization reports to the Group of 20 of the world's largest economies. The recommendations will cover stablecoins and other crypto assets, the board said.
"The FSB is working to ensure that crypto assets are subject to robust regulation and supervision," the statement said, adding the recent "turmoil" in crypto markets highlights the intrinsic volatility and structural vulnerabilities as well as the increasing interconnectedness between crypto markets and the traditional financial system.
The crypto market downturn and collapse of the terraUSD (UST) stablecoin is accelerating regulatory action. In June, European Union policymakers agreed on a landmark bill to govern crypto issuers and service...
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INN caught up with cryptocurrency investment expert Dan Hoover to review the current landscape and where the market may be heading. The cryptocurrency investment marketplace has gone through severa...