This report looks at the implementation of the FSB’s 2023 global regulatory framework for crypto-asset activities.
Based on information as of August 2025, the report describes the progress in implementing the FSB recommendations for crypto-asset activities and service providers, and stablecoins, respectively; focuses on data reporting and disclosures frameworks in place, as well as financial stability risk monitoring approaches across jurisdictions; and describes the tools, progress, and challenges in cross-border cooperation and coordination.
Crypto-asset markets and regulation are evolving rapidly. The review shows jurisdictions have made progress in regulating crypto-asset activities and to a lesser extent global stablecoin arrangements. However, it also reveals significant gaps and inconsistencies that could pose risks to financial stability and to the development of a resilient digital asset ecosystem.
Uneven implementation creates opportunities for regulatory arbitrage and complicates oversight of the inherently global and evolving crypto-asset market. To address this, the report puts forward eight recommendations which are addressed to jurisdictions as they develop their regulatory regimes, and to the FSB, SSBs, and international organisations as they consider further work on the subject.
The International Organization of Securities Commissions (IOSCO) has also undertaken a thematic review on the implementation of IOSCO’s Crypto and Digital Asset framework, focusing on investor protection and market integrity. A joint information note provides an overview of the scope and the findings of the FSB and IOSCO’s complementary reports.
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Summary of implementation status
Supervisory frameworks
Regulatory reporting
Regulated activities
The use of these maps does not constitute, and should not be construed as constituting, an expression of a position by the FSB regarding the legal status or sovereignty of any territory or its authorities, the delimitation of international frontiers and boundaries and/or the name and designation of any territory, city or area.
Click and hover over the map to see more details.
Summary of implementation status
The use of this map does not constitute, and should not be construed as constituting, an expression of a position by the FSB regarding the legal status or sovereignty of any territory or its authorities, the delimitation of international frontiers and boundaries and/or the name and designation of any territory, city or area.
