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Reference: 18, 2025
The Financial Stability Board (FSB) today announced a thematic peer review of the FSB Global Regulatory Framework for Crypto-Asset Activities. This report describes the results of a peer review to assess progress in implementing the FSB’s 2023 Global Framework, including recommendations on crypto asset service provider and stablecoin arrangements, data reporting and collection, and cross-border cooperation and coordination.
Crypto asset markets and regulations are changing rapidly. The review shows that, as of August 2025, jurisdictions have made progress in regulating crypto-asset activities and, to a lesser extent, the Global Stablecoin Agreement (GSC). However, it also revealed significant gaps and misalignments that could pose risks to financial stability and the development of a resilient digital asset ecosystem.
Although jurisdictions have made significant progress toward implementing recommendations regarding crypto-asset markets and activities, few have finalized GSC regulatory frameworks. Even if the regulatory framework is finalized, full alignment with the FSB Recommendations remains limited, particularly when it comes to stablecoin arrangements and crypto asset service providers. Additionally, jurisdictions may continue to update, modify, and improve the Framework.
The review calls on the FSB and its member jurisdictions to prioritize work in this area and work harder towards full and consistent implementation. Specifically, it proposes several recommendations to address outstanding issues in terms of implementation progress, comprehensiveness and consistency, and cross-border cooperation and coordination. “Implementation progress remains incomplete, uneven and inconsistent, creating opportunities for regulatory arbitrage and complicating oversight of what is an inherently global and evolving crypto asset market,” said Arthur Yuen, Deputy Commissioner of the Hong Kong Monetary Authority and chair of the report’s writing team.
Today, the International Organization of Securities Commissions (IOSCO) also announced the results of a thematic review of the implementation of IOSCO’s Crypto and Digital Assets Framework. The joint information note provides a summary of the scope and findings of the FSB and IOSCO supplementary reports.
Note to editor
The FSB announced a global regulatory framework for crypto-asset activities in July 2023. The framework consists of high-level recommendations on the regulation, supervision and monitoring of crypto asset markets and activities and revised high-level recommendations on the regulation, supervision and monitoring of global stablecoin agreements.
The FSB’s Thematic Review of the Global Regulatory Framework for Crypto-Asset Activities assesses implementation progress by FSB jurisdictions and some voluntary non-FSB jurisdictions, but does not assess the effectiveness of the regulatory approaches implemented by jurisdictions. The review was prepared by a team of experts from FSB member institutions and chaired by Arthur Yuen, Deputy Director-General of the Hong Kong Monetary Authority.
The FSB coordinates the activities of national financial authorities and international standard-setting bodies at an international level and promotes the implementation of effective regulation, supervision and other financial sector policies to promote financial stability. It brings together national authorities responsible for financial stability in 24 countries and jurisdictions, international financial institutions, sectoral international groups of regulators and supervisors, and a committee of central bank experts. The FSB also works collaboratively with around 70 other jurisdictions through six regional consultation groups.
The FSB is chaired by Andrew Bailey, Governor of the Bank of England. The FSB Secretariat is located in Basel, Switzerland, and is hosted by the Bank for International Settlements.
