The FSB is inviting comments from all interested stakeholders on its proposed set of recommendations on crypto-assets and global stablecoins as well as on the questions set out below. Responses should be sent to [email protected] by 15 December 2022. Responses will be published on the FSB’s website unless respondents expressly request otherwise.

  1. Are the FSB’s proposals sufficiently comprehensive and do they cover all crypto-asset activities that pose or potentially pose risks to financial stability?

  2. Do you agree that the requirements set out in the CA Recommendations should apply to any type of crypto-asset activities, including stablecoins, whereas certain activities, in particular those undertaken by GSC, need to be subject to additional requirements?

  3. Is the distinction between GSC and other types of crypto-assets sufficiently clear or should the FSB adopt a more granular categorisation of crypto-assets (if so, please explain)?

  4. Do the CA Recommendations and the GSC Recommendations each address the relevant regulatory gaps and challenges that warrant multinational responses?

  5. Are there any financial stability issues that remain unaddressed that should be covered in the recommendations?

Crypto-assets and markets (CA Recommendations)
  1. Does the report accurately characterise the functions and activities within the crypto-ecosystem that pose or may pose financial stability risk? What, if any, functions, or activities are missing or should be assessed differently?

  2. Do you agree with the analysis of activity patterns and the associated potential risks?

  3. Have the regulatory, supervisory and oversight issues and challenges as relate to financial stability been identified accurately? Are there other issues that warrant consideration at the international level?

  4. Do you agree with the differentiated requirements on crypto-asset issuers and service providers in the proposed recommendations on risk management, data management and disclosure?

  5. Should there be a more granular differentiation within the recommendations between different types of intermediaries or service providers in light of the risks they pose? If so, please explain.

Global stablecoins (GSC Recommendations)
  1. Does the report provide an accurate analysis of recent market developments and existing stablecoins? What, if anything, is missing in the analysis or should be assessed differently?

  2. Are there other changes or additions to the recommendations that should be considered?

  3. Do you have comments on the key design considerations for cross-border cooperation and information sharing arrangements presented in Annex 2? Should Annex 2 be specific to GSCs, or could it be also applicable to crypto-asset activities other than GSCs?

  4. Does the proposed template for common disclosure of reserve assets in Annex 3 identify the relevant information that needs to be disclosed to users and stakeholders?

  5. Do you have comments on the elements that could be used to determine whether a stablecoin qualifies as a GSC presented in Annex 4?