Global regulation for crypto? That's what this international monitoring body talked about in Basel. This is what they envision.
The international monitoring body Financial Stability Board, or FSB, called for a global framework aimed at regulating and supervising crypto in the wake of FTX’s collapse, also saying it would assess vulnerabilities associated with decentralized finance.it planned to “enhance its crypto-assets monitoring framework” to include “DeFi-specific vulnerability indicators” as well as address the potential impact of having DeFi becoming more closely connected to traditional financial markets.
“Crypto trading platforms, combining multiple activities that are normally separated in traditional finance, can lead to concentrations of risk, conflicts of interest, and a misuse of client assets,” said the FSB. “The [FSB] emphasised the importance of ongoing vigilance and the urgency of advancing the policy work programme by the FSB and the standard-setting bodies to establish a global framework of regulation and supervision, including in non-FSB member jurisdictions.
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