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. 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. The research emphasizes stablecoins and exhorts decision-makers to make sure that stablecoin issuers fully support all of their assets in order to avoid another collapse like Terra's in May. The FSB will compile and consider the proposals when the public consultation concludes on December 15. The recent market turbulence has made it essential for regulators to step up and take charge of market regulation. In a letter to the G20, the head of the FSB, Klaas Knot, stated that "the current crypto winter has reinforced our view of underlying structural risks in these markets." The valiant endeavor at harmonized regulation by the European Union With a varying degree of effectiveness, the European Union (EU) has taken an united approach to regulation. The Markets in Crypto-Assets (MiCA) law, recently approved by the EU, aims to synchronize the use of virtual currencies and distributed ledger technology (DLT) throughout the 27 Union members. In an effort to present a unified front in the fight to reduce the risks associated with virtual assets in the financial industry, the European Securities and Markets Authority (ESMA) in addition to the MiCA published a report on the DLT pilot regime. Since authorities regulate the industry in accordance with their own nations' unique demands, there is hardly no regional strategy for the industry's regulation globally. As an illustration, consider the uneven nature of virtual currency taxation around the world. While India imposes taxes as high as 30% on income from trading digital currencies, Portugal has no such taxes. Watch: Blockchain for the Digital Transformation of Nations session at the BSV Global Blockchain Convention. Other stories After a year of protests, Uganda resumes exporting gold. Ghanaian-born Kwasi Kwarteng was removed as finance minister in the UK. The court orders police custody until the completion of the trial and keeps Aisha Huang’s attorney silent. “Beyoncé came as my angel,” I said, “but I’m the demon in my nation.” Shatta Wale. Following the booing episode at the ceremony, Akufo-Addo is mocked on social media as “them show showboy.”