Crypto Risks Require Same Scrutiny as Wall Street, FSB Says
- Regulators need rules in place before crypto is revived: Knot
- Firms could be forced to split out separate functions
Photographer: Angel Garcia/Bloomberg
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Countries should apply the same level of regulation to cryptoassets and their intermediaries as they do to equivalent functions in finance if they are to sufficiently govern the sector, the Financial Stability Board said in two sweeping new reports on Tuesday.
The FSB, which is set to present its recommendations to G20 finance ministers and central bank governors this week, said watchdogs should apply the overarching approach of “same activity, same risk, same regulation,” regardless of whether a cryptoasset is characterized as a payment, security or other instrument.