The Financial Stability Board (FSB) is seeking feedback as part of its thematic peer review on the implementation of its global regulatory framework for crypto-asset activities. The framework consists of two sets of high-level recommendations for the regulation, supervision and oversight of crypto-asset activities and markets, and "global stablecoin" arrangements.
The review's objective is to examine progress made by FSB member and select non-member jurisdictions in implementing the FSB's global regulatory framework, including any lessons learnt.
The FSB is seeking feedback on the following issues:
- The impact of jurisdictional regulatory frameworks on decisions of crypto-asset issuers and service providers (including stablecoin arrangements) to locate and structure their business.
- Experiences and challenges faced by crypto-asset market participants to meet the relevant regulatory and supervisory requirements.
- How financial stability vulnerabilities of crypto asset activities, including stablecoins, differ across jurisdictions (eg based on the scale and materiality of adopting services) and how vulnerabilities are evolving (eg in type or size) as jurisdictions implement relevant regulatory and supervisory frameworks.
- If there are specific market practices and/or trends in certain geographies and/or segments that may pose a threat to financial stability.
The FSB is asking for feedback by 28 March 2025. It expects to publish the peer review report in October 2025.
