The Financial Stability Board will introduce a new regulatory scheme for digital assets.

The Financial Stability Board (FSB) has proposed a solution to the industry’s fragmented regulatory environment for digital assets throughout the years. The FSB wants the rules that apply to financial institutions to also apply to digital assets under the new framework that the global financial monitoring agency has suggested.

Financial Stability Board to unveil new framework for digital assets regulation
Financial Stability Board to unveil new framework for digital assets regulation

The suggestion from the FSB stated that “effective regulatory and supervisory frameworks should be based on the idea of “same activity, same risk, same regulation.” “Crypto-assets and intermediaries should be subject to analogous regulation if they provide an economic purpose that is comparable to that served by the instruments and intermediaries of the traditional financial industry.”

The Board stated that uniform regulation across numerous jurisdictions is necessary in order to reduce the risks associated with virtual currencies while “harnessing the benefits of the technology.” The new framework for implementing banking laws to the digital asset business is open for public comment, and the FSB claims that it will promote consistency.

Use your ← → (arrow) keys to browse

Next Post

Kwame Antwi-Frempong asserts that Ghanaian software developers can compete on a global scale.

Mon Oct 17 , 2022
  Kwame Antwi-Frempong, the chief executive officer of Aspire Business Network, has given advice to small businesses in Ghana, particularly IT companies, on how to remain competitive internationally. kwame Antwi-Frempong He lamented how Ghanaians are losing lucrative contracts to their peers in India, Bangladesh, and Iran due to their human […]
Kwame Antwi-Frempong asserts that Ghanaian software developers can compete on a global scale.