Review of the FSB High-level Recommendations of the Regulation, Supervision and Oversight of “Global Stablecoin” Arrangements: Consultative report
High regulatory standards are required in particular for crypto-assets – such as stablecoins – that could be widely used as a means of payments and/or store of value, as they could pose significant risks to financial stability.
In October 2020, the FSB issued a report with a set of 10 high-level recommendations on the regulation, supervision and oversight of so-called “global stablecoin” (GSC) arrangements (“High-level Recommendations”).
In 2022 the FSB, in consultation with relevant international standard-setting bodies (SSBs) and international organisations, reviewed its High-level Recommendations, including how any gaps identified could be addressed by existing frameworks, considering recent market and policy developments.
This report describes the findings from this review, covering:
Recent market developments and the characteristics of existing stablecoins;
Recent policy developments, including regulatory initiatives and recent work of the SSBs; and
Proposals to revise the High-level Recommendations.
The high-level Recommendations seek to promote consistent and effective regulation, supervision and oversight of GSCs across jurisdictions to address the potential financial stability risks posed by GSCs, both at the domestic and international level, while supporting responsible innovation and providing sufficient flexibility for jurisdictions to implement domestic approaches.
The FSB is soliciting comments from the public on its proposals. A set of questions for this purpose are included in its proposed framework. The FSB encourages all interested stakeholders to participate in the consultation. Responses should be sent to [email protected] by Thursday 15 December 2022. Responses will be published on the FSB’s website unless respondents expressly request otherwise.
The FSB aims to finalise the updated high-level recommendations by July 2023 reflecting comments received through public consultation.
Revised FSB High-level Recommendations
Red text highlights substantive revisions from 2020 High-level Recommendations.