FSB provides general recommendations on regulating stablecoins

The Financial Stability Board (FSB), created by the G20 countries, provided general recommendations on regulating stablecoins.

FSB participants consider that the leading globaleconomies need to carefully work out their legal system and regulatory requirements for stable cryptocurrencies. This is necessary so that stablecoins are not able to harm the international financial system. According to the FSB, stablecoins should meet the same requirements that are followed by other organizations that carry similar risks, regardless of the technology used.

Stable cryptocurrencies need to be appliedrules in the traditional financial industry. It is about payment requirements and customer identity verification. This will at least partially eliminate the risks. However, control over stablecoins used to make international payments is complicated by differences in the financial regulation of different countries.

FSB thinks states need to showflexibility and develop a single standard for the regulation of digital currencies so that their issuers can not "move" from one jurisdiction to another. If necessary, authorized bodies should specify regulation and eliminate possible gaps in the domestic legal system in order to effectively minimize the risks posed by international stablecoins.

In addition, FSB offers operatorsstable cryptocurrencies without fail took measures for effective risk management and stable operation of their system. In particular, they are obliged to provide protection against cyber attacks, to combat money laundering and the financing of terrorism.

In February, the new chairman of the FSB Randal Quarles(Randal Quarles) said that crypto assets can challenge any financial structure, so the G20 member countries called for the active implementation of FATF standards for cryptocurrencies.

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