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The Financial Stability Board (FSB) published a global regulatory framework for crypto asset activities on Monday, aiming to provide a global regulatory and supervisory foundation for cryptocurrencies. Advocating for a stricter understanding of crypto regulations, the FSB emphasized the need for enhanced cooperation among G20 countries in regulating cryptocurrencies.
What is the Current State of Crypto Regulations?
With the widespread adoption of cryptocurrencies and the significant growth of the crypto ecosystem in recent years, security issues in the crypto ecosystem have also increased. Recent incidents such as the TerraUSD collapse and the FTX bankruptcy have sparked significant public debate about the crypto ecosystem. As a result, regulatory authorities in many countries have started to embrace a stricter approach to crypto regulations.
In particular, the consecutive lawsuits filed by the U.S. Securities and Exchange Commission (SEC) against Binance and Coinbase have intensified the tension between crypto companies and regulatory authorities. On the other hand, the historic ruling in the Ripple case was interpreted as a victory for crypto companies against regulators.
Call for Crypto Regulation from the FSB
While debates on crypto regulations continue, the Financial Stability Board (FSB) published a global regulatory framework for crypto asset activities on Monday, aiming to provide a global regulatory and supervisory foundation for cryptocurrencies. The FSB, advocating for a stricter understanding of crypto regulations, emphasized the need for enhanced cooperation among G20 countries in regulating cryptocurrencies.
Referring to the bankrupt crypto exchange FTX, the FSB stated that numerous negative developments in the crypto ecosystem last year revealed security vulnerabilities and emphasized the importance of strengthening cross-border cooperation in crypto regulations.
