Progress in implementing the FSB Crypto Framework is welcome but gaps and inconsistencies remain, highlighting the need for jurisdictions to do more to reach full and consistent implementation.
Crypto-assets and Global Stablecoins
Crypto-assets are a type of private sector digital asset that depends primarily on cryptography and distributed ledger or similar technology. The different segments of crypto-asset markets – including unbacked crypto-assets (such as Bitcoin), so-called “stablecoins”, and decentralised finance (DeFi) – are closely interrelated in a complex and constantly evolving ecosystem, and need to be considered holistically when assessing related financial stability risks.
Crypto-asset and stablecoin markets are fast evolving and could reach a point where they represent a threat to global financial stability due to their scale, structural vulnerabilities and increasing interconnectedness with the traditional financial system.
The G20 charged the FSB with coordinating the delivery of an effective and comprehensive regulatory framework for crypto-assets. In July 2023, the FSB finalised its recommendations for the regulation, supervision and oversight of crypto-assets and markets and its recommendations targeted at global stablecoin arrangements, which have characteristics that may make threats to financial stability more acute
Additionally, the FSB has also delivered a joint paper with the IMF that includes a roadmap to ensure effective, flexible, and coordinated implementation of the comprehensive policy framework for crypto-assets.
In 2025 the FSB conducted a thematic peer review looking at the status of implementation of its global framework for crypto-asset activities in FSB member jurisdictions and beyond. The peer review showed welcome progress but also highlighted significant gaps and inconsistencies, and the need for jurisdictions to prioritise full and consistent implementation.
Crypto-assets and stablecoins also raise broader policy issues, such as the need for consumer and investor protection; strong market integrity protocols; anti-money laundering and combating the financing of terrorism (AML/CFT) regulation and supervision, including implementation of international sanctions; regulatory measures to prevent tax evasion; the need to avoid circumvention of capital controls; and concerns relating to the facilitation of illegal securities offerings. These are the subject of work at national and international levels and are outside the primary focus of the FSB’s work, which is on financial stability.
Key Documents
22 October 2024
Jurisdictions have made progress in implementing the policy and regulatory responses developed by the IMF, FSB, and standard-setting bodies (SSBs), but challenges remain.
23 July 2024
Report examines the use of global stablecoins in EMDEs and the unique cross-border financial stability risks they pose, and considers ways to address these risks.
Report assesses financial stability risks related to multifunction crypto-asset intermediaries and derives implications for policy consideration.
7 September 2023
Paper describes how the policy and regulatory frameworks for crypto-assets developed by the IMF and the FSB (alongside standard-setting bodies) fit together and interact with each other.
Final recommendations seek to promote the comprehensiveness and greater international consistency of regulatory and supervisory approaches to crypto-asset activities and markets, including crypto-asset issuers and service providers.
High-level Recommendations seek to promote consistent and effective regulation, supervision and oversight of global stablecoins across jurisdictions to address the potential financial stability risks they pose.
16 February 2023
Report analyses the DeFi ecosystem, identifies vulnerabilities and sets out work to address them.
11 October 2022
Report sets out the key issues and challenges for the regulation and supervision of crypto-asset activities and markets and outlines the FSB’s proposed approach for establishing a comprehensive regulatory framework to address the financial stability risks.
11 October 2022
Recommendations to promote the consistency and comprehensiveness of regulatory, supervisory and oversight approaches to crypto-asset activities and markets and to strengthen international cooperation, coordination and information sharing.
This report contains a review with proposals to update the FSB’s high-level recommendations of October 2020 for the regulation, supervision, and oversight of “global stablecoin” arrangements.
This statement outlines work being undertaken by the FSB and international standard-setting bodies to address the potential financial stability risks posed by crypto-assets, including so-called stablecoins.
16 February 2022
This report provides the FSB’s view on recent developments in crypto-asset markets and their implications for global financial stability.
This report provides a status update on implementation progress of the FSB high-level recommendations for Regulation, Supervision and Oversight of “Global Stablecoin” Arrangements.
High-level recommendations that promote coordinated and effective regulation, supervision and oversight of global stablecoin arrangements.
Consultation on recommendations to address the challenges of “global stablecoin” arrangements.
18 October 2019
FSB workplan on stablecoins.
Report to the G20 on work to address risks from crypto-assets.
5 April 2019
A directory of the regulators and other authorities dealing with crypto-assets in FSB member jurisdictions and international bodies.
Monitoring framework with metrics that will be used to monitor financial stability implications of crypto-asset markets.
