The Financial Stability Board is set to release international standards for regulating stablecoins.
FSB Chair Klaas Knot has warned that many existing stablecoins may not meet the high-level recommendations.
The FSB also plans to work with other standard-setting bodies to determine how decentralized finance (DeFi) should be regulated.
The Financial Stability Board (FSB) is expected to release new regulations for crypto and stablecoins in July 2023. However, the FSB’s Chair, Klaas Knot, has already sounded warning bells in a letter to G20 finance ministers and central bank governors. Knot cautioned that many existing stablecoins might not meet the “high-level” recommendations outlined in the upcoming guidance.
FSB Offers Guidance on Governance and Stability
The FSB’s upcoming guidance will focus on strengthening stablecoin governance frameworks, redemption rights, and stabilization mechanisms. Stablecoins are cryptocurrencies pegged to the value of other ass
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