Chairman of the Financial Stability Board (FSB): FSB accelerates development of cryptocurrency-related regulations

Prior to the G20 meeting, Randal K. Quarles, chairman of the Financial Stability Board (FSB), sent a letter to the G20 finance minister and central bank governor on the subject of cryptocurrencies and stablecoins. The letter mentioned that the global financial system has been facing new challenges, and technology is changing the nature of traditional finance. The non-bank sector has grown and requires deeper understanding and coordination among regulators. The FSB is determined to accelerate the development of the necessary regulatory and oversight measures for these new tools, and will release a draft report on regulatory issues and possible countermeasures in April for public comment.