International standards body, the Financial Stability Board (FSB) on Monday published a report to be delivered to G20 Finance Ministers and Central Bank Governors outlining work in the administration and regulation of cryptocurrencies and assets. Chaired by Mark Carney, the FSB was established to coordinate the work of financial authorities and standard-setting bodies to promote and implement effective regulatory and supervisory financial policies in the interest of global financial stability. It will present findings in the report to G20 members in Buenos Aires on 21-22 July.
The FSB, in collaboration with the Committee on Payments and Market Infrastructure, has developed a framework to monitor the financial stability implications of development in crypto-assets and associated marketplaces. The framework focuses on transmission channels for crypto-asset markets, as well as the use of leverage, trading volumes, pricing, clearing, and the effect on wealth in aggregate associated with sudden large price changes and changes over time. As it stands, the FSB does not believe crypto-assets pose a material risk to global financial stability but recognizes the need to remain vigilant in monitoring developments in such a rapidly developing market.
In a March letter to G20 members, Carney expressed concern over inadequate consumer protections associated with crypto-assets and initial coin offerings (ICOs) and the enhanced ability to veil activities, like money laundering and terrorist financing. But he also expressed optimism for the technology’s potential to improve inclusion and efficiency within financial systems and the broader economy.
In addition to the work being presented by the FSB, the International Organization of Securities Commissions will outline its establishment of an Initial Coin Offering Consultation Network to assist members in how to address domestic and cross-border investor protections issues stemming from ICOs. The Basel Committee on Banking Supervision also plans to present an assessments of banks’ direct and indirect exposure to crypto-assets.
- FED Chairman Offers Lukewarm Response On Impact, Utility Of Existing Cryptocurrencies - July 20, 2018
- Boeing Brings In SparkCognition For Help Developing UAV Management Systems - July 19, 2018
- Nervos Network Nets Nearly $30 Million To Build Hybrid Blockchain Platform For Enterprise - July 19, 2018
- Chinese Blockchain Companies Continue To Flourish, If Only In Name - July 18, 2018
- G20 Report Outlines International Collaboration On Standards For Crypto-Assets - July 17, 2018
- Hong Kong Readies Regulator-Backed Trade Finance Platform - July 17, 2018
- RMB to BTC Trading Falls To 1%. Is China Really Out Of The Crypto Game? - July 16, 2018
- Chinese Internet Trends May Spell Trouble For “Disruptive” Crypto Payments - July 13, 2018
- LINE Plans July Cryptocurrency Exchange Launch - July 3, 2018
- McAfee Labs Report 6x Increase in Crypto Mining Malware Incidents in Q1 2018 - June 29, 2018
- Facebook Updates Policy To Allow Vetted Crypto Businesses to Advertise, ICOs Still Banned - June 27, 2018
- Following in Vitalik’s Footsteps? Polkadot’s Habermeier Awarded Thiel Fellowship - June 26, 2018
- SingularityNET and Project Shivom Using AI on Genomic Data to Extend Human Life - June 26, 2018
- Microsoft & EY partner for Royalty Distribution in Gaming - June 26, 2018
- ABBC Foundation to Airdrop ABBC Tokens to First 500,000 Wallet Users - June 25, 2018
- Care Records of up to 30 Million UK NHS Patients go on Blockchain - June 25, 2018
- PundiX Signs UTRUST as Liquidity Clearing Provider for Crypto POS Hardware - June 22, 2018
- Blockchain on the Ballot: Indie Party Candidate Joins Texas Senate Race - June 21, 2018
- IONChain Aims to Challenge IOTA on a Chinese Battleground - June 19, 2018
- Takeaways From SEC Director’s Comments on Cryptocurrencies and Securities - June 19, 2018