FSB will develop an incident reporting standard for banks working with cryptocurrencies
The organization once again pointed to the threat to financial stability from crypto assets
The Financial Stability Board (FSB) will develop a global incident reporting standard for institutions working with cryptocurrencies. The initiative will be part of the roadmap for the implementation of crypto regulation adopted by the G20 countries last year. The standard will allow institutions to share information about incidents simultaneously with other banks and financial regulators.
As FSB Chairman Claes Knoth writes in a letter to finance ministers and heads of central banks of the G20 member countries, the acceleration of digitalization in all areas of the financial system has increased its efficiency, but also strengthened the interconnection of its elements.
According to him, this situation increases the likelihood that an operational or security incident at one financial institution will have a negative impact on companies in other sectors of the system, regardless of their location.
The roadmap for the implementation of a global system of regulation and supervision of crypto assets was developed by the FSB together with the International Monetary Fund (IMF) and adopted by G20 leaders last October at a summit in New Delhi.
In its work program, the FSB called the introduction of cryptocurrency regulation a priority in 2024. According to the program, in October and November, the council will present reports on the consequences of tokenization and the development of AI technologies for financial stability.
