FSB calls for global regulation of multifunction crypto firms
The Financial Stability Board (FSB) says multifunction crypto-asset intermediaries (MCIs) are critical to the cryptocurrency ecosystem. However, their business models have vulnerabilities and risks that may negatively impact global financial stability. The FSB recommends a global approach and cooperation on regulation of these MCIs. The Financial Stability Board (FSB), an international organisation that monitors and makes recommendations about the global financial system, is seeking for greater cooperation among national regulatory bodies when it comes to the regulation of crypto . In particular, the FSB has called for cross-border collaboration between different regulators across the globe in the supervision of multifunction crypto-asset intermediaries (MCIs). While critical to the crypto ecosystem, there are risks and vulnerabilities linked to crypto behemoths that combine services and products. These risks can be impactful on global financial stab...