G20 Financial Watchdog to Monitor Cryptocurrencies

  • Alex Morris
    📰 News

    A regulatory framework introduced by FSB targets the cryptocurrency market


G20 Financial Watchdog to Monitor Cryptocurrencies

The Financial Stability Board (FSB) and other international regulators teamed up in order to monitor Bitcoin and other cryptocurrency assets in the wake of their skyrocketing popularity. While admitting that crypto market doesn’t threaten global financial stability, they want to discover the potential risk of digital currencies and their influence on different aspects of the economy.

Monitoring framework 

FSB (which sets up regulatory standards for G20 economies) published a report that outlines the main principles of monitoring crypto assets. The aforementioned report came after the G20 meeting that partially focused on the problem of integrating cryptocurrencies in the modern financial system.

👉MUST READ Crypto May Turn into Mainstream Payment Method Within 10 Years: Report
Crypto May Turn into Mainstream Payment Method Within 10 Years: Report

First of all, regulators will pay attention to such aspects as market capitalization of crypto assets, their price fluctuations and possible growth. ICOs are also under the radar because of their transparency issues: many developers opt to remain anonymous not publicly disclosing their identity and location. On top of that, FSB tries to discover the impact of fraudulent activities on crypto consumers’ confidence.

Global regulatory effort    

Cryptocurrencies are only getting bigger, so major markets around the world start prioritizing common-sense regulations. This is a win-win situation because effective regulations may potentially bring decentralized economy into mainstream while protecting customers and the economic interests of a given country.

👉MUST READ Philippines Say Yes to Crypto Trade As Crypto Exchanges Receive Operation Licenses
Philippines Say Yes to Crypto Trade As Crypto Exchanges Receive Operation Licenses

Cover image via u.today
Subscribe to U.Today on Twitter,and get involved in all top daily crypto news, stories and price predictions!
👓 Recommended articles