Financial Market Examiner
Midas Crypto Vault
  • Home
  • Education
  • Forex News
  • Crypto News
  • Stocks
  • Reviews
No Result
View All Result
  • Home
  • Education
  • Forex News
  • Crypto News
  • Stocks
  • Reviews
No Result
View All Result
Financial Market Examiner
No Result
View All Result
Home Crypto News

Financial Stability Board To Set Global Standards For Crypto Regulation In 2023

Admin by Admin
December 14, 2022
in Crypto News
0
Financial Stability Board To Set Global Standards For Crypto Regulation In 2023

Cryptocurrency wallet

0
SHARES
5
VIEWS
Share on FacebookShare on Twitter

The U.S. Securities and Exchange Commission, Congress, and some global authorities have been trying up their game to bring a clear regulatory pathway for crypto. It is supposed to minimize occurrences like the FTX crisis and keep off bad players from the industry.

The Financial Stability Board (FSB), an international authority that oversees the global financial system, has sprung into action regarding crypto regulations. The board plans to work out a crypto regulatory framework in 2023.

According to Dietrich Domanski, the outgoing secretary general of the FSB, recent events have emphasized the urgency to address the risks within the crypto space.

Domanski explained that several crypto market participants accused authorities of being hostile to innovation. But to Domanski, they have been accommodating to crypto innovations.

He noted that the recommendations for regulations aim to bring crypto projects to the same standard as banks. Domanski believes that crypto projects should operate with these same standards since they provide similar services.

Citing the recent crash of Terraform Labs and the FTX exchange, policymakers faced criticisms. Critics blamed the authorities for allowing FTX to expand before its collapse. But, according to Domanski, a strong set of guidelines could have prevented such events from happening.

The FBS intends to set a timeline for global regulators to implement its recommendations in 2023. After proposing the regulatory recommendations, the rules will undergo assessment and approval at the FSB. Various national authorities and regulators can then put the rules into law.

In recent updates on the FTX fiasco, former CEO Sam Bankman-Fried (SBF) got arrested by the Royal Bahamas police. He is awaiting extradition to the United States. SBF’s arrest comes after the US government notified the Bahamian Police that it filed criminal charges against him.

The criminal charges against SBF include wire and securities fraud, money laundering, and conspiracy to commit wire and security fraud.

Shortly, before he was taken into custody, Bankman-Fried denied being part of a wire fraud chat group. The chat group, allegedly comprising the FTX executives, was a platform for exchanging information about FTX and Alameda Research’s operations.

Meanwhile, the chief restructuring officer and FTX’s new CEO, John Ray, wrote a testimony ahead of his appearance at the House Committee hearing.

Share on TwitterTweet
Share on Pinterest Share
Share on LinkedIn Share
Share on Digg Share
Tags: Cryptocrypto regulatorfinancial stabilty board
Institutional Trading Concept Institutional Trading Concept Institutional Trading Concept
ADVERTISEMENT
Previous Post

Algorand To Support Digital Guarantees Platform In Italy

Next Post

Cointelegraph Launches Crypto Podcasts, Starts With 4 Shows

Admin

Admin

Next Post
North Korea Hacked $1.2 Billion In Crypto And Other Assets

Cointelegraph Launches Crypto Podcasts, Starts With 4 Shows

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Stay Connected

  • 99 Subscribers
  • Trending
  • Comments
  • Latest
AUD USD pair

Forex: AUD/USD Point To More Downside For The Aussie

October 20, 2022
yen and dollar

FOREX-Yen Flirts With Intervention Level As Dollar See Gains

October 11, 2022
Virtual stadium in the metaverse

Why Virtual Stadium Can Be the Next Big Thing in the Metaverse

January 26, 2023
USDD Depegs

USDD Stablecoin Depegs To $0.96, Tron (TRX) Dumped

December 12, 2022
What is Initial Coin Offering?

Initial Coin Offering (ICO)

0
What is staking?

Staking

0
What is Defi?

Defi (Decentralized Finance)

0
Differences between Axie Infinity and Decentraland

Axie Infinity and Decentraland: Features and Differences

0
Bahrain Real Estate Company Starts Accepting Crypto Payments

Bahrain Real Estate Company Starts Accepting Crypto Payments

January 27, 2023
Industry Body Clarifies What Happens When Crypto Derivatives Crash

Industry Body Clarifies What Happens When Crypto Derivatives Crash

January 27, 2023
CFTC Pushes For Additional Crypto Acquisition Reviews

CFTC Pushes For Additional Crypto Acquisition Reviews

January 27, 2023
SBF Immediate Family Is Set To Be Questioned About The Financial Gains They Made From FTX

SBF Immediate Family Is Set To Be Questioned About The Financial Gains They Made From FTX

January 27, 2023

Recent News

Bahrain Real Estate Company Starts Accepting Crypto Payments

Bahrain Real Estate Company Starts Accepting Crypto Payments

January 27, 2023
Industry Body Clarifies What Happens When Crypto Derivatives Crash

Industry Body Clarifies What Happens When Crypto Derivatives Crash

January 27, 2023
CFTC Pushes For Additional Crypto Acquisition Reviews

CFTC Pushes For Additional Crypto Acquisition Reviews

January 27, 2023
SBF Immediate Family Is Set To Be Questioned About The Financial Gains They Made From FTX

SBF Immediate Family Is Set To Be Questioned About The Financial Gains They Made From FTX

January 27, 2023
Financial Market Examiner

Get all the latest Financial Market (Crypto & Forex) news, updates and other relevant resources here.

Follow Us

Browse by Category

  • Crypto News
  • Education
  • Forex News
  • Gaming
  • Reviews
  • Stocks

Recent News

Bahrain Real Estate Company Starts Accepting Crypto Payments

Bahrain Real Estate Company Starts Accepting Crypto Payments

January 27, 2023
Industry Body Clarifies What Happens When Crypto Derivatives Crash

Industry Body Clarifies What Happens When Crypto Derivatives Crash

January 27, 2023

© 2022 Financial Market Examiner. - Designed by Mayconcept Solutions.

No Result
View All Result
  • Home
  • Education
  • Forex News
  • Crypto News
  • Stocks
  • Reviews

© 2022 Financial Market Examiner. - Designed by Mayconcept Solutions.

?>