financial stability board

Members of the G20 agree that a globally coordinated understanding would be required not only to deal with the challenges posed by crypto assets but also to regulate them, Union Finance Minister Nirmala Sitharaman has said. The grouping has responded to the issue with alacrity and during India's presidency of the G20, a "synthesis paper" will be taken up on matters related to crypto assets, the minister told a press conference here on Thursday. "I am glad to say that there is a greater acceptance among all G20 members,…

The Financial Stability Board (FSB) said that it would propose "robust" global rules for cryptocurrencies in October, following recent turmoil in markets that has highlighted the need to regulate the "speculative" sector. The FSB, a body of regulators, treasury officials and central bankers from the Group of 20 economies (G20), has so far limited itself to monitoring the crypto sector, saying it did not pose a systemic risk. But recent turmoil in crypto markets has highlighted their volatility, structural vulnerabilities…