The International Monetary Fund (IMF) and the Financial Stability Board (FSB) have released a collaborative policy paper in response to a request from the Indian G20 presidency. The aim of the paper is to provide guidance and assistance to jurisdictions around the world in addressing the risks associated with crypto asset activities.
Consolidating Recommendations for Regulation
By combining their respective standards and collective recommendations, the IMF and FSB have created a comprehensive policy document. The paper includes recommendations for how to regulate activities involving stablecoins and decentralized finance (DeFi).
Enhancing Regulatory Frameworks
One of the key focuses of the joint paper is to outline how the regulatory frameworks and policies developed by both the IMF and the FSB can interact and complement each other. The goal is to strengthen the overall regulatory landscape for crypto asset activities.
No New Policies or Expectations
It is important to note that the policy paper does not establish any new policies, recommendations, or expectations for relevant authorities. Rather, it serves as a guide for jurisdictions to navigate and address the risks associated with crypto asset activities in a consistent and effective manner.
By publishing this joint paper, the IMF and FSB demonstrate their commitment to promoting financial stability and safeguarding against potential risks in the rapidly evolving world of cryptocurrencies.
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