Fun

FSB will standardize global incident reporting for institutions with crypto

News Feed - 2024-02-27 04:02:59

Derek Andersen4 hours agoFSB will standardize global incident reporting for institutions with cryptoThe proposed reporting format is part of the international agency’s support for the G20 crypto asset roadmap adopted last year.631 Total views1 Total sharesListen to article 0:00NewsOwn this piece of crypto historyCollect this article as NFTJoin us on social networksThe outlook for global financial stability remains challenging, Financial Stability Board (FSB) chair Klaas Knot told G20 finance ministers and central bankers in a letter. The FSB has a plan though, which it outlined ahead of a meeting of the ministers and bankers on Feb. 28 and 29 in São Paulo. Asset tokenization will be among the areas it concentrates on.


The FSB letter, dated Feb. 20 and released Feb. 26, addresse priority areas that include non-bank financial intermediation, climate change and cross-border payments in addition to digital innovation. “In 2024 we will deliver reports on the financial stability implications of the tokenisation of assets and of AI,” Knot wrote regarding its intended action on crypto.


The G20 policy on a global regulatory and supervisory framework for crypto-assets was endorsed last year. The G20 Roadmap on Crypto Assets was adopted in October based on the G20 New Delhi Leaders’ Declaration passed in July. The FSB and International Monetary Fund collaborated on a Synthesis Paper where the roadmap was proposed.


The FSB promised to release a progress report on the implementation of the roadmap in October. In addition, it plans to propose a format for incident reporting exchange to make it possible to share information on incidents with multiple financial institutions and agencies at the same time. The letter says:“Accelerating digitalisation across all parts of finance has improved efficiencies but also increased the interconnectedness of the global financial system.”


“This increases the possibility of a cyber or operational incident at one financial institution having spillover effects across borders and sectors,” it continues.


Other international information exchange frameworks have been proposed, such as the G20’s Crypto-Asset Reporting Framework for tax authorities, released in October.


The FSB will address Anti-Money Laundering and Know Your Customer as part of its work on cross-border payments.FSB Chair @KlaasKnot letter to #G20Brazil Finance Ministers and Central Bank Governors outlines the FSB’s work programme during the Brazilian G20 Presidency.

https://t.co/hipdBI4ouy#FinancialStability #NonBanks #cryptoassets #ClimateChange #CrossBorderPayments pic.twitter.com/qGYxOSpbDT— The FSB (@FinStbBoard) February 26, 2024


The G20 unites 19 countries, the European Union and the African Union. Brazil has assumed this year’s presidency of the G20 from India, which was the first G20 leader to emphasize the need for global crypto regulation. South Africa will take over the leadership of the G20 in 2025.


The FSB is “hosted” by the Bank for International Settlements as an independent association. It seeks to promote information exchange and international cooperation among financial regulators.


Magazine: 6 Questions for Lugui Tillier about Bitcoin, Ordinals, and the future of crypto# G20# Adoption# RegulationAdd reactionAdd reactionRead moreChinese ministry posts warning about fake digital yuan app

News Feed

World Liberty Financial WLFI Token Sales Surge: Less Than 1 Billion Tokens Remain
Este artículo también está disponible en español. World Liberty Financial (WLFI), a forthcoming cryptocurrency platform endorsed by President Donald Trump and his sons, h
Hash War: Mystery Miner’s Empty Block Attack Makes ABC’s New Blockchain Almost Unusable
Hash War: Mystery Miner"s Empty Block Attack Makes ABC"s New Blockchain Almost Unusable According to various reports, the Bitcoin ABC pro-IFP chain has been unde
we2net Gains Strong Traction in Korea with 200+ LP Holders and $760k Initial Liquidity
we2net Gains Strong Traction in Korea with 200+ LP Holders and $760k Initial Liquidity press release PRESS RELEASE.we2net, a new DeFi platform that aims to bridge the gap between ce
US Inflation Continues to Rise Amid Lockdown Talk, Producer Prices Jump 7.8%, Biden Blames OPEC
US Inflation Continues to Rise Amid Lockdown Talk, Producer Prices Jump 7.8%, Biden Blames OPEC The United States is facing severe inflation despite the Federal
FTX Donations to Early Covid-19 Researchers Raise Questions of Propaganda Tied to Pandemic Prevention
FTX Donations to Early Covid-19 Researchers Raise Questions of Propaganda Tied to Pandemic Prevention While the former CEO of FTX, Sam Bankman-Fried, awaits his trial at the end of
If your country has adopted a CBDC, you might be suffering
Christos Makridis6 hours agoIf your country has adopted a CBDC, you might be sufferingNew research indicates that in countries where central bank digital currencies have been adopted or are under consideration, well-bein
Dogecoin Whales Go on 470 Million DOGE Buying Spree Amid Bullish Recovery In Major Metrics
Este artículo también está disponible en español. Surprisingly, Dogecoin whales are on a massive buying spree, as new reports show that these large-scale investors have a
Reports Claim Beleaguered Crypto Exchange FTX Seeks Over $9 Billion From Investors
Reports Claim Beleaguered Crypto Exchange FTX Seeks Over $9 Billion From Investors On Nov. 10, 2022, two reports said that FTX CEO Sam Bankman-Fried (SBF) is canvassing for emergen
Play-to-Earn on Playdapp’s Flagship RPG “Along With the Gods: Knights of the Dawn” in 7 Days
Play-to-Earn on Playdapp’s Flagship RPG “Along With the Gods: Knights of the Dawn” in 7 Days press release PRESS RELEASE. Fast-rising Blockchain gaming platform PlayDapp has r
Pro-Bitcoin Senator Cynthia Lummis pushes stablecoin bill
Helen Partz13 hours agoPro-Bitcoin Senator Cynthia Lummis pushes stablecoin billPro-Bitcoin Senator Cynthia Lummis is drafting regulations for stablecoins after attacking major stablecoin firm Tether in 2023.20967 Total
‘Unpatchable’ flaw in Apple M-series chip may allow access to encrypted data
Savannah Fortis13 minutes ago‘Unpatchable’ flaw in Apple M-series chip may allow access to encrypted dataA new unpatchable vulnerability in Apple"s M-series of chips was discovered which could potentially allow hacke
Market Data Hints At 500x XRP Rally In Upcoming Altcoin Season
Este artículo también está disponible en español. According to market analysis, XRP might be near to having a significant price blowup. The next altcoin season could go a