FSB meets to discuss international cooperation plan on stablecoin

Today, the Korean Financial Services Commission (FSC) issued a statement stating that FSC Vice Chairman Sun Bingdou attended the meeting of the Financial Stability Board (FSB) Operations Committee in Basel, Switzerland on January 13. It is reported that the central bank governors or heads of financial regulators in 20 countries, and the heads of 11 international institutions including the International Monetary Fund (IMF) and the European Central Bank (ECB) attended the meeting. The operation committee members discussed the risk assessment of non-bank financial institutions and the risk response plan related to stable currency. The inquiry found that at the meeting, the FSB conducted a questionnaire survey on the status of stablecoin supervision, and particularly emphasized and discussed the importance of international cooperation and cooperation programs. The Korean Financial Services Commission agreed that before incorporating the stablecoin into the global financial system, a risk assessment of the stablecoin and a related regulatory plan should be developed in advance. In addition, Sun Bingdou also stressed the need to strengthen cooperation with the International Monetary Fund and the Financial Action Task Force of the International Anti-Money Laundering Agency in view of the impact of stable currencies on monetary policy and AML.