FSB Global Regulatory Framework for Crypto-Asset Activities

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The FSB is finalizing its global regulatory framework for crypto-asset activities to promote comprehensiveness and international consistency in regulatory and oversight approaches.

The framework is based on the principle of same business, same risk, same regulation and provides a solid foundation to ensure that crypto-asset activities and so-called stablecoins are subject to consistent and comprehensive regulation, commensurate with the risks they present, while supporting responsible innovations potentially brought about by technological change.

It consists of two distinct sets of recommendations:

High-level recommendations for the regulation, supervision and monitoring of crypto-asset activities and markets;

Revised High-Level Recommendations for the Regulation, Oversight, and Monitoring of Global Stablecoin Agreements.

The recommendations focus on risk management for financial stability and do not comprehensively cover all specific risk categories related to crypto-asset activities. They take into account the lessons learned from the events of the past year in the crypto-asset markets, as well as the feedback received during the public consultation of the FSB proposals. Central bank digital currencies (CBDCs), viewed as digitized central bank liabilities, are not subject to these recommendations.

This document describes how the two distinct sets of recommendations establish a framework for the regulation, oversight, and oversight of global stablecoin arrangements and other crypto-asset activities.

The FSB and the sector standardization bodies (SSBs) have developed a joint work plan for 2023 and beyond, through which they will continue to coordinate work, within their respective mandates, to promote the development of a comprehensive and consistent global regulatory framework commensurate with the risks that crypto-asset market activities may pose to jurisdictions around the world, including through the provision of more specific guidance by SSBs, oversight and public reporting .

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