ApeWatcher News
  • Home
  • Advertise
  • Headlines
  • Crypto
    • News
    • Bitcoin
    • Ethereum
    • Altcoin
    • View All
  • DeFi
  • NFT
  • Metaverse
  • Guides
  • Rates
  • Videos
  • Listing Platform
  • BSC
  • ETH
  • Listing Platform
  • BSC
  • ETH
What's Hot

Kraken secures money license registrations in Spain and Ireland

September 26, 2023

Ethereum Wallet Tied to Sinaloa Cartel Sanctioned by US Government

September 26, 2023

Bitcoin analysts flag key BTC price points as bulls cling to $26K

September 26, 2023
Twitter Telegram
  • Listing Platform
  • Home
  • BSC
  • ETH
Advertise
Twitter Telegram
ApeWatcher News
  • Headlines
  • Crypto
    1. News
    2. Bitcoin
    3. Ethereum
    4. Altcoin
    5. View All

    Kraken secures money license registrations in Spain and Ireland

    September 26, 2023

    Ethereum Wallet Tied to Sinaloa Cartel Sanctioned by US Government

    September 26, 2023

    Bitcoin analysts flag key BTC price points as bulls cling to $26K

    September 26, 2023

    Chase Bans Crypto-Linked Payments for U.K. Clients Starting October 16

    September 26, 2023

    Bitcoin analysts flag key BTC price points as bulls cling to $26K

    September 26, 2023

    JPMorgan’s subsidiary Chase UK to restrict crypto transactions

    September 26, 2023

    Bitcoin exchange volume tracks 5-year lows as Fed inspires BTC hodling

    September 26, 2023

    Bitcoin gains legal recognition as digital currency in Shanghai China

    September 26, 2023

    Tim Draper, Hall of Flame

    September 26, 2023

    MetaMask ‘glitch’ caused opBNB recommended fees to be too high: Report

    September 25, 2023

    Vitalik wallet sends 400 ETH worth $600K to Coinbase

    September 25, 2023

    Vitalik Buterin Warns CBDCs Moving in Wrong Direction, Calls Them ‘Front Ends’ for the Banking System: Report

    September 24, 2023

    Optimism OP token slips 10% in week ahead of $30M token unlock

    September 26, 2023

    Chainlink downplays worries after users notice quiet change to multisig

    September 25, 2023

    Crypto traders shift focus to these 4 altcoins as Bitcoin price flatlines

    September 24, 2023

    Over $440,000,000,000 in Bitcoin and Other Cryptos Could Be Wiped Out Before Market Bottoms Out: Nicholas Merten

    September 23, 2023

    Kraken secures money license registrations in Spain and Ireland

    September 26, 2023

    Ethereum Wallet Tied to Sinaloa Cartel Sanctioned by US Government

    September 26, 2023

    Bitcoin analysts flag key BTC price points as bulls cling to $26K

    September 26, 2023

    Chase Bans Crypto-Linked Payments for U.K. Clients Starting October 16

    September 26, 2023
  • DeFi
  • NFT
  • Metaverse
  • Guides
  • Rates
  • Videos

    BitBoy Crypto: Confronting The Man Accused of Stealing EVERYTHING | TJ Shedd

    September 25, 2023

    Bitcoin Has A New Super Whale! (2024 Bringing Explosive Gains)

    September 25, 2023

    Crypto News: Ethereum, Tether FUD, Coinbase, BASE & MORE!!

    September 25, 2023

    Bitcoin + AI = PRICE EXPLOSION! 2024 is VERY BULLISH! (Here is why)

    September 24, 2023

    How To Earn Free Cardano!

    September 24, 2023
  • bitcoinBitcoin(BTC)
    $0.00-0.54% 24H
    BITCOIN
    24H : -0.54%
    Volume : $0.00
    Marketcap : $0.00
  • ethereumEthereum(ETH)
    $0.00-0.33% 24H
    ETHEREUM
    24H : -0.33%
    Volume : $0.00
    Marketcap : $0.00
  • tetherTether(USDT)
    $0.00-0.01% 24H
    TETHER
    24H : -0.01%
    Volume : $0.00
    Marketcap : $0.00
  • binancecoinBNB(BNB)
    $0.000.860% 24H
    BNB
    24H : 0.860%
    Volume : $0.00
    Marketcap : $0.00
  • rippleXRP(XRP)
    $0.000.250% 24H
    XRP
    24H : 0.250%
    Volume : $0.00
    Marketcap : $0.00
  • usd-coinUSDC(USDC)
    $0.00-0.03% 24H
    USDC
    24H : -0.03%
    Volume : $0.00
    Marketcap : $0.00
  • staked-etherLido Staked Ether(STETH)
    $0.00-0.27% 24H
    LIDO STAKED ETHER
    24H : -0.27%
    Volume : $0.00
    Marketcap : $0.00
  • cardanoCardano(ADA)
    $0.00-0.16% 24H
    CARDANO
    24H : -0.16%
    Volume : $0.00
    Marketcap : $0.00
  • dogecoinDogecoin(DOGE)
    $0.00-1.06% 24H
    DOGECOIN
    24H : -1.06%
    Volume : $0.00
    Marketcap : $0.00
  • solanaSolana(SOL)
    $0.00-2.18% 24H
    SOLANA
    24H : -2.18%
    Volume : $0.00
    Marketcap : $0.00
  • bitcoinBitcoin(BTC)
    $0.00-0.54% 24H
    BITCOIN
    24H : -0.54%
    Volume : $0.00
    Marketcap : $0.00
  • ethereumEthereum(ETH)
    $0.00-0.33% 24H
    ETHEREUM
    24H : -0.33%
    Volume : $0.00
    Marketcap : $0.00
  • tetherTether(USDT)
    $0.00-0.01% 24H
    TETHER
    24H : -0.01%
    Volume : $0.00
    Marketcap : $0.00
  • binancecoinBNB(BNB)
    $0.000.860% 24H
    BNB
    24H : 0.860%
    Volume : $0.00
    Marketcap : $0.00
  • rippleXRP(XRP)
    $0.000.250% 24H
    XRP
    24H : 0.250%
    Volume : $0.00
    Marketcap : $0.00
  • usd-coinUSDC(USDC)
    $0.00-0.03% 24H
    USDC
    24H : -0.03%
    Volume : $0.00
    Marketcap : $0.00
  • staked-etherLido Staked Ether(STETH)
    $0.00-0.27% 24H
    LIDO STAKED ETHER
    24H : -0.27%
    Volume : $0.00
    Marketcap : $0.00
  • cardanoCardano(ADA)
    $0.00-0.16% 24H
    CARDANO
    24H : -0.16%
    Volume : $0.00
    Marketcap : $0.00
  • dogecoinDogecoin(DOGE)
    $0.00-1.06% 24H
    DOGECOIN
    24H : -1.06%
    Volume : $0.00
    Marketcap : $0.00
  • solanaSolana(SOL)
    $0.00-2.18% 24H
    SOLANA
    24H : -2.18%
    Volume : $0.00
    Marketcap : $0.00
ApeWatcher News
Home » ‘Robust’ Regulations Needed in Crypto & Stablecoin Sector, Says G20 Advisory Body Ahead of Its Report in October
News

‘Robust’ Regulations Needed in Crypto & Stablecoin Sector, Says G20 Advisory Body Ahead of Its Report in October

Crypto NewsBy Crypto NewsJuly 11, 20220 ViewsNo Comments
Share
Facebook Twitter LinkedIn Pinterest Email

One of the world’s leading financial policy-making organizations said that it will tell governments to step up their supervision of stablecoins later this year – against a “backdrop of the recent turmoil” in the crypto sector.

In a press release from the Financial Stability Board (FSB), which advises the G20 on economic policy matters, the body claimed it was “working to ensure” that cryptoassets were “subject to robust regulation and supervision.”

The FSB added that it intends to report to the G20’s finance ministers and central bank governors in October on “regulatory and supervisory approaches to stablecoins and other cryptoassets.”

The body indicated that policing stablecoins will become a high-priority matter for G20 member states, writing:

“Stablecoins should be captured by robust regulations and supervision of relevant authorities if they are to be adopted as a widely used means of payment or otherwise play an important role in the financial system.”

The G20’s finance chiefs are slated to meet for the first time since February this year in Jakarta, Indonesia. The meeting will take place on October 30-31, shortly before the heads of state meet again in Bali.

Although the body did not hint at the exact nature of the regulations it wants governments to develop, it explained that it intends to submit a “public consultation report” on the “review” of its “high-level recommendations for the regulation, supervision, and oversight of ‘global stablecoin’ arrangements.” This report will include details on “how existing frameworks may be extended to close gaps and implement the high-level recommendations.”

Quite what the FSB means by the term “global stablecoin” is unclear at this stage. In previous years, the term was used to describe the now-defunct plans of firms like Meta and Telegram, who have since abandoned their stablecoin ambitions.

In the crypto space, all coins are essentially “global” in nature, including widely used fiat-pegged stablecoins like tether (USDT).

Regardless, the FSB appears keen to ensure that governments cover all their regulatory bases, and explained:

“A stablecoin that enters the mainstream of the financial system and is widely used as a means of payments and/or store of value in multiple jurisdictions could pose significant risks to financial stability in the absence of adequate regulation.”

“Such a stablecoin,” the body further warned, would “need to be held to high regulatory and transparency standards,” and “maintain at all times the reserves that preserve stability of value and meet relevant international standards.”

On the broader topic of crypto regulation, the FSB vowed to continue to “facilitate cross-border and cross-sectoral cooperation among national financial authorities and international standard-setting bodies as they work towards developing a common understanding of the wide spectrum of cryptoassets.”

It underlined the importance of developing regulations and supervisory policies that “are risk-based technology-neutral, and grounded in the principle of ‘same activity, same risk, same regulation.’”

It claimed that its work on this front would include assessing the efficacy of “existing applicable standards” and “the identification of potential gaps” in regulations.

The body also reminded members of the importance of “supporting” the “full and timely implementation of existing international standards” – such as the Financial Action Task Force (FATF)’s Travel Rule. A large number of G20 nations are still yet to enshrine the FATF’s rule – which obliges crypto exchanges to monitor and share information on transactions – into national law.
____
 
– Check Out FSB’s Roadmaps for Stablecoins and CBDCs
– Countries Should Prevent ‘Regulatory Arbitrage’ for Stablecoins – FSB

– CBDC Shilling and Bitcoin Bashing Might Reach the G20 Level
– US Treasury Develops Framework For Path Towards International Crypto Regulations

Read the full article here

Follow us on Google News to get the latest Updates

 
Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

Related Posts

Kraken secures money license registrations in Spain and Ireland

September 26, 2023

Ethereum Wallet Tied to Sinaloa Cartel Sanctioned by US Government

September 26, 2023

Bitcoin analysts flag key BTC price points as bulls cling to $26K

September 26, 2023

Chase Bans Crypto-Linked Payments for U.K. Clients Starting October 16

September 26, 2023

Curve Price Spikes As Whales Suddenly Accumulate CRV: On-Chain Data

September 26, 2023

Arbitrum Users Can Now Trade Bitcoin Mining Power With Each Other

September 26, 2023
Add A Comment

Leave A Reply Cancel Reply

Top Articles

Kraken secures money license registrations in Spain and Ireland

September 26, 2023

Ethereum Wallet Tied to Sinaloa Cartel Sanctioned by US Government

September 26, 2023

Bitcoin analysts flag key BTC price points as bulls cling to $26K

September 26, 2023
# Name Price Changes 24h Market CAPVolume Supply
ApeWatcher News
Twitter Telegram
  • Privacy Policy
  • Sources
  • Terms and Conditions
  • Contact
  • Advertise
© 2023 Ape Watcher News

Type above and press Enter to search. Press Esc to cancel.