The Financial Stability Board (FSB), an organizationthat advises the G20 on global financial systems, presented rules for monitoring crypto assets. The document contains a number of indicators on the basis of which the FSB will monitor the development of the cryptocurrency markets and “help identify and reduce risks for users, as well as protect investors, market integrity and financial stability”.
A new set of rules and comments to it were published on Monday, July 16, and submitted to the ministers of finance and heads of central banks of the G20 member countries for consideration.
According to the document, in the FSB monitoring center there will be price volatility of the cryptocurrency assets, the potential of using digital currencies in payment systems and the work of financial institutions, the scale and growth of ICO projects, as well as the volatility of this market in comparison with gold, fiat currencies and shares.
In addition, the Financial Stability Board, headed by Bank of England governor Mark Carney, will periodically prepare reports in order to build confidence in the market.
Representatives of the FSB explain:
“Although the FSB believes that the cryptocurrency assets currently don’t carry an actual threat to global financial stability, it recognizes the need for vigilant monitoring in the light of the rapid development of the market.”
The report indicated that, along with the FSB, other international supervisory authorities are increasing efforts to monitor various areas of the cryptocurrency industry.
For example, the International Organization of Securities Commissions, which unites national regulatory bodies, is now developing its own set of rules, seeking to assist member countries in analyzing the impact of local and foreign ICOs on investors.
In the meantime, the Basel Committee on Banking Supervision (BCBS) collects data on the direct and indirect interaction of participating banks with cryptocurrencies, trying to assess the potential impact of this technology.
The FSB report arose after the G20 meeting in March this year, at which calls for a global settlement of cryptocurrencies were voiced. Then the member states agreed that they need initial recommendations on what data to use to monitor the cryptocurrency sphere, and called July the deadline for accomplishing this task.