The Financial Stability Board (FSB), a global watchdog encompassing regulators, central banks, and treasury officials from G20 economies, has issued a stern warning about the potential destabilization of the broader financial system due to blow-ups at complex crypto firms like FTX. Meanwhile, in a report released on Tuesday, the FSB highlights the vulnerabilities inherent in “multifunction” crypto firms, emphasizing the need for additional measures to prevent their tumultuous impact on the global financial landscape.
FSB Urges Enhanced Regulatory Safeguards
The FSB’s latest report serves as a cautionary tale, shedding light on the risks posed by multifaceted cryptocurrency firms, especially in the aftermath of FTX’s collapse last year. Notably, the report underlines how these firms, engaging in a combination of trading and various other activities, can magnify vulnerabilities comparable to those seen in traditional finance.
Meanwhile, these vulnerabilities encompass issues such
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