TechFlow news — The Financial Stability Board (FSB) has called for stricter rules to protect crypto users' assets and prevent conflicts of interest.
The Financial Stability Board (FSB), composed of regulatory authorities from over two dozen jurisdictions including the United States, the European Union, China, and the United Kingdom, released recommendations aimed at ensuring "consistent and comprehensive" regulation of the industry. These recommendations build upon initial proposals put forward in October, focusing on preventing practices allegedly carried out by companies such as FTX and Celsius.
"Events over the past year have highlighted the inherent volatility and structural vulnerabilities of crypto-assets and related participants," the report stated. It introduced new regulatory standards that could force large crypto corporate groups to separate certain activities and functions.
