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G20 Financial Watchdog to Monitor Cryptocurrencies

  • Alex Dovbnya
    📰 News

    A regulatory framework introduced by FSB targets the cryptocurrency market

G20 Financial Watchdog to Monitor Cryptocurrencies
Cover image via u.today

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.

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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.

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with an extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

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