FSB Will Lay out Firm Steps to Regulate Crypto Industry in Early 2023

The Financial Stability Board will lay out firm steps to regulate the crypto industry in early 2023 and enact them swiftly, the outgoing secretary-general Dietrich Domanski of the Financial Stability Board said.

And he also said there was strong agreement among the Financial Stability Board’s membership about the strategy which shows clearly what the way forward (for crypto) regulation looks like, more than five years after the Financial Stability Board began evaluating the sector’s risks.

"The objective is to create a regime where crypto service providers would be held to the same standards as banks . . . if they provide the same service that banks provide," Domanski said. "Adding that such rules would prevent calamities like FTX and Terraform since neither would have met the criteria for sound governance that the rules would demand."