The Financial Stability Board (FSB) will develop a regulatory plan for the cryptocurrency market next week

According to Chain Catcher news and reported by CoinDesk, the global regulatory body Financial Stability Board (FSB) will formulate a plan to regulate the cryptocurrency market next week and will present a consultation report to G20 finance ministers before the meetings held in Washington on Wednesday and Thursday.

It is reported that the FSB will re-examine its existing regulations on stablecoins, which were first published in October 2020. The FSB will also submit another draft report to promote international consistency in regulatory approaches regarding other cryptocurrency markets, potentially further extending to the Web3 ecosystem.

Chain Catcher previously reported that on July 11, the FSB issued a statement on the international regulation of cryptocurrency asset activities, stating that cryptocurrency assets, including stablecoins, are rapidly evolving but require effective regulation and supervision commensurate with the risks they pose at both domestic and international levels, and that relevant service providers must always ensure compliance with existing legal obligations in their operating jurisdictions. (CoinDesk)