The G20-backed Financial Stability Board (FSB) released its proposed framework for international regulation of crypto asset activities.
The body has requested feedback on the draught framework from the general public and stakeholders. The proposal will be open for public comment until December 15, 2022. The draft framework makes nine key recommendations to G20 economies, including the implementation of an effective regulatory framework to oversee cryptocurrency activities. The FSB stated that crypto players should be subject to the same set of regulations as intermediaries (essentially fintech players and banks) in economies where they both perform the same economic function, citing the principle of’same activity, same risk, same regulation.’