FSB: "Urgent Need" to Strengthen Regulation for Bitcoin ETFs and Crypto Industry Amid "Rapid Changes"
The Financial Stability Board (FSB), responsible for overseeing the global financial system, has released its comprehensive work plan for 2024, which calls for accelerated implementation of cryptocurrency regulations by countries due to the "rapid changes" in Bitcoin ETFs and the crypto industry driving this need. Additionally, the FSB is placing emphasis on ensuring the effective implementation of global regulatory and supervisory frameworks for crypto asset activities and markets, as well as global stablecoin arrangements. In 2024, the FSB will complete its work on the impact of tokenization on financial stability, prepare a G20 report on the latest developments in artificial intelligence and its potential impact on financial stability, and enhance network resilience through the coordination of financial stability via the use of the Financial Institutions Resolution Event (FIRE) format.
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