G20 Highlights the Shortcomings in Global Cryptocurrency Regulation, Including Issues with Stablecoins

The Financial Stability Board (FSB), a regulatory body of the major G20 nations, released a report on the 16th assessing the implementation of an international regulatory framework for digital assets (cryptocurrencies).

While some progress has been noted, international regulations remain fragmented and inconsistent, proving insufficient to address the global nature of the cryptocurrency markets.

The report points out that fragmentation of responsibilities among national authorities, differences in the definition of cryptocurrencies, and legal hurdles such as secrecy laws and privacy laws may hinder effective information sharing.

These obstacles could pose challenges to cross-border cryptocurrency transactions...