ChainCatcher news, according to Chosun Biz, at the 2024 Seoul Fintech Week, Lee Hyun-deok, head of the Virtual Asset Regulatory Bureau of the Financial Services Commission (FSC) of South Korea, emphasized that although the current impact of the cryptocurrency market on financial stability is still limited, this impact is expected to intensify.He pointed out that the recent cryptocurrency regulatory measures introduced in South Korea may trigger further discussions on regulatory details, leading to regulatory uncertainty. This uncertainty could potentially affect innovation and development in the cryptocurrency sector.

ChainCatcher news, according to CoinDesk, the Financial Stability Board (FSB) has announced that it will expand its research on the risks of stablecoins in emerging and developing economies.The FSB pointed out that while these economies generally welcome digital financial innovation, the widespread use of stablecoins could pose a threat to their monetary policy and financial stability. The FSB plans to address these risks through in-depth analysis, including an assessment of the differences and gaps in the current regulatory frameworks of various countries. At the same time, the FSB calls for global collaboration to promote unified regulatory standards for stablecoins to ensure the safety and stability of cross-border payments and financial systems. This move has received support from G20 countries, which emphasize the need to strengthen the regulation of crypto assets to prevent a recurrence of incidents like last year's FTX and Celsius collapses.

ChainCatcher news, according to CoinDesk, Klaas Knot, the chair of the Financial Stability Board (FSB), stated in a letter to the finance ministers of the G20 countries that crypto assets, tokenization, and artificial intelligence (AI) remain key areas of focus for the committee, which is responsible for monitoring the global financial system.It is reported that this letter was sent on the Monday before the G20 meeting held in São Paulo on Wednesday and Thursday. It also outlined the organization's plan to release a status report on its crypto roadmap and a report on the impact of tokenization on financial stability in October. The committee is coordinating with 24 countries and intends to report on the impact of AI on financial stability in the month following that.Knot stated, "One of our focuses in 2024 and beyond is the effective implementation of the FSB's global regulatory and supervisory framework for crypto asset activities and markets, as well as global stablecoin arrangements, which was endorsed by G20 leaders at the summit in New Delhi." The New Delhi meeting took place in September of last year.

ChainCatcher News, the Financial Stability Bureau of the People's Bank of China published a column article titled "Effectively Preventing and Resolving Financial Risks, Firmly Upholding the Bottom Line of Preventing Systemic Risks." The article points out that under the strong leadership of the Party Central Committee and the State Council, the People's Bank of China closely focuses on three tasks: serving the real economy, preventing and controlling financial risks, and deepening financial reform. Following the basic principles of "stabilizing the overall situation, coordinating comprehensively, implementing differentiated policies, and precisely defusing risks," it resolutely fights the tough battle against major financial risks, improves the system and mechanism for financial stability work, and orderly addresses a number of prominent risk points that are significant, urgent, and systemic, effectively safeguarding the national economic and financial security and the overall stability of the financial system.In addition, the article notes that a comprehensive cleanup and rectification of the financial order has achieved good results in the special rectification of internet financial risks. All P2P lending institutions have ceased operations, and the rectification work in areas such as internet asset management, equity crowdfunding, internet insurance, virtual currency trading, and internet foreign exchange trading has been basically completed. The article emphasizes the deepening of risk rectification for local financial asset exchanges, "pseudo-gold exchanges," and third-party wealth management companies, as well as a severe crackdown on illegal fundraising and a firm curb on domestic virtual currency trading speculation. Efforts to increase the investigation and handling of money laundering cases continue to be intensified.

ChainCatcher news, according to a report by Cointelegraph, a research report released by the European Securities and Markets Authority (ESMA) states that "currently, the cryptocurrency market, including DeFi, does not pose a significant risk to financial stability, mainly due to its relatively small size and the limited channels of contagion between crypto and traditional financial markets."ESMA also investigated several major events in 2022, including the collapse of the Terra ecosystem and FTX, and noted that this crypto "Lehman moment" has still not had a significant impact on traditional markets.

ChainCatcher news, according to CoinDesk, the Chair of the Financial Stability Board (FSB) Klaas Knot stated that the FSB and the International Monetary Fund (IMF) will launch a joint document on global cryptocurrency policy at the G20 summit.It is reported that the document includes a roadmap for implementing a cryptocurrency policy framework, including global coordination, cooperation, and information sharing. The document was submitted at the request of the G20 presidency of India.

ChainCatcher news, the Financial Stability Board (FSB) has released a report titled "Financial Stability Risks of Decentralized Finance," stating that it will collaborate with other international standard setters to determine how to regulate DeFi activities across different jurisdictions. The report indicates that the FSB will explore ways to strengthen regulatory policies for the crypto industry to address the unique risks posed by DeFi and plans to work with other international standard setters to explore methods to fill the data gaps related to measuring and monitoring the connections between DeFi and traditional finance. (source link)

ChainCatcher news, the Financial Stability Board (FSB), which coordinates international financial regulation and develops and enforces global financial standards, has released the public responses to the FSB's proposed international regulatory framework for crypto asset activities. Among them, crypto companies such as Binance, Bitso, Coinbase, ConsenSys, and the Cardano Foundation, as well as traditional financial institutions like CBOE, the American Bankers Association, and Standard Chartered, provided written opinions. Traditional financial participants hope to adopt stricter new international crypto rules to prevent conflicts of interest similar to those seen with FTX. The FSB is expected to publish its final report in July 2023.ChainCatcher previously reported that the FSB would outline steps to regulate the cryptocurrency industry in early 2023 and swiftly implement these measures. (source link)

ChainCatcher news, the Financial Stability Board (FSB) released the "International Regulation of Crypto-asset Activities" this week, providing policy recommendations for legislators in each jurisdiction aimed at maintaining innovation in the crypto space.The FSB stated that an effective regulatory framework must ensure that crypto asset activities are comprehensively regulated, commensurate with the risks posed by these activities, while leveraging the potential benefits of the underlying technology. Such regulation should ensure that equivalent regulatory outcomes are achieved when they pose risks similar to those of traditional financial activities, while addressing the new characteristics of crypto assets.The FSB also emphasized that legislators should monitor the backend operations of stablecoin issuing companies to ensure that issuers continuously maintain the funds backing the issued stablecoins, preventing events similar to the collapse of TerraUSD from occurring again. It is reported that the FSB has requested its members to provide feedback on this global regulatory framework by December 15, 2022. (Source link)

ChainCatcher news, the Financial Stability Board (FSB), which coordinates international financial regulation and formulates and implements global financial standards, stated in the released "G20 Roadmap for Enhancing Cross-Border Payments" that the international regulatory community is closely monitoring developments in the stablecoin sector and is considering the potential impact of stablecoins on the broader financial markets. As the stablecoin industry evolves, it is essential to pay close attention to risk management related to stablecoins. (Source link)

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)

According to Chain Catcher, The Block reported that the Financial Stability Oversight Council (FSOC), chaired by U.S. Treasury Secretary Janet Yellen, is expected to hold a meeting on September 23 to discuss regulatory gaps in digital assets and the potential risks they pose, as well as to draft a related report.Chain Catcher previously reported that the U.S. Financial Stability Oversight Council will release a report on digital assets in October, which is the final part of the U.S. federal framework for digital assets. The report will cover risks to financial stability posed by digital assets, segments of digital assets that require additional regulation, and recommendations to promote financial stability, etc. (The Block)