Financial stability board (FSB) is an international body that monitors and makes recommendations about the global financial system. It was established by the G20 in April 2009 in response to the global financial crisis of 2008. The FSB is chaired by Mark Carney, Governor of the Bank of England, and its Secretariat is located in Basel, Switzerland. The FSB's purpose is to coordinate at the international level the work of national financial authorities and international standard setting bodies and to develop and promote the implementation of effective regulatory, supervisory and other financial sector policies. It brings together national authorities responsible for financial stability in 24 countries and jurisdictions, international financial institutions, sector-specific international groupings of regulators and supervisors, and committees of central bank experts. The FSB also conducts outreach with approximately 70 other jurisdictions through its six Regional Consultative Groups.
Unlike Silicon Valley Bank and Signature Bank, the Swiss lender is classified as systemically important by the US Financial Stability Board — meaning it’s too big to fail as a collapse has the potential to trigger a financial crisis.
"The G20 of which the India is currently holding the Presidency, it was India's proposal and it has been taken on board, I'm glad that the G20 has kept it in its agenda for this year, the IMF has given a paper on crypto currency and the way it can affect the macroeconomic stability. The Financial Stability Board (FSB), which was set up by G20, has agreed to give a report that will also focus on financial stability," Sitharaman said. Get more Economy & Infra News and Business News on Zee Business.
The Financial Stability Board (FSB) has published a global regulatory framework for crypto asset activities. This framework is a response to the intrinsic volatility and structural vulnerabilities of crypto-assets and aims to address risks and strengthen cross-border cooperation. Facts The FSB, an international body monitoring the global financial sector, has…
India, the nation currently presiding in the G20, supported the Financial Stability Board’s recommendations for the global crypto framework, published in July. The country also emphasises the necessity of dealing with digital assets’ risks for developing economies. On August 1, India’s Presidency Note for input in a roadmap on a global framework for crypto was published
Regulation | Aug 2, 2023 The Financial Stability Board (FSB) unveils a comprehensive framework for international consistency in the regulation of cryptoassets, addressing both crypto-asset activities and 'global stablecoin' arrangements. The Financial Stability Board (FSB) has released its final recommendations for regulating cryptoassets and related services, marking a significant step towards international regulatory harmony.
India will decide on implementing cryptocurrency regulations after extensive discussions with other countries, a senior official said on Sunday, virtually ruling out a ban on such assets. Ahead of G20 leaders' summit, the IMF and the Financial Stability Board had last week made a strong case for a coordinated global policy action to deal with risks posed by cryptocurrencies and said that there should not be any blanket ban.
U.S. president Joe Biden and leaders of other G20 member nations have endorsed the radical, game-changing crypto regulation recommendations of the global Financial Stability Board … Read Full Story