Financial Times: The FSB Wants to Implement a Stricter Crypto Regulation

The Financial Stability Board (FSB), the advisory body under the G20 responsible for financial regulation, plans to present additional proposals for the regulation of the cryptocurrency market in early 2023.

According to the FT, the initiative is the result of the collapse of US crypto derivatives platform FTX.

Global politicians have been criticized for creating a regulatory vacuum that has allowed companies including those owned by Sam Bankman-Fried to overcome borders and reach “billion dollar sizes” before being “burned.”

Dietrich Domanski, Secretary General of the organization, has said:

“Recent events have reinforced the understanding that there is indeed an urgent need to address risks.”

According to him, there are restrictions regarding the speed of development of regulatory requirements due to the need to dive into the specifics of the functioning of the digital asset market.