16 October 2025
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The rapid evolution and growth of crypto-asset markets underscores the importance of implementing the FSB’s recommendations for crypto-assets and global stablecoins.
This article examines the implementation progress of the Financial Stability Board (FSB) regarding its 2023 regulatory framework for crypto-assets and related activities.
Overview of the Current State
Drawing from data available as of August 2025, this report highlights advancements made in adhering to the FSB’s recommendations for both crypto-asset providers and global stablecoins. The focus includes the frameworks established for data reporting and disclosures, as well as strategies for monitoring financial stability risks across different regions.
Progress vs. Gaps
While significant progress has been made in regulating crypto-asset activities, the regulation of global stablecoin initiatives remains comparatively limited. This disparity reveals critical gaps and inconsistencies in various jurisdictions, which could undermine financial stability and the establishment of a robust digital asset ecosystem.
Risks of Regulatory Arbitrage
The uneven application of regulations invites opportunities for regulatory arbitrage and complicates oversight of the globally intertwined and rapidly changing crypto-asset market. Consequently, the report proposes eight recommendations aimed at guiding jurisdictions in developing their regulatory frameworks. These recommendations also address international organizations, including the FSB and standard-setting bodies, as they proceed with further work in this area.
Investor Protection and Market Integrity
Additionally, the International Organization of Securities Commissions (IOSCO) has launched a thematic review focused on the implementation of its framework for crypto and digital assets, emphasizing the critical aspects of investor protection and market integrity. A collaborative information note offers insights into the findings and complementary nature of the reports from the FSB and IOSCO.
Stablecoins
