BREAKING: A new international rulebook just proposed by FinStbBoard takes aim at stablecoins and major crypto platforms. jackschickler reports
Stablecoins could be forced to centralize issuance and major crypto platforms broken up under plans put forward by the Financial Stability Board Tuesday.
“This turmoil has once more underlined the need for a comprehensive approach to crypto-asset regulation,” Knot added, after a volatile year that saw the price of major assets like bitcoin and ether tumble, and the total collapse of companies like crypto lender Celsius Network. Tuesday’s reports are a “major step” towards that framework, Knot added.
The FSB warns of extra risks when wallet providers offer services for stablecoins – cryptocurrencies which seek to maintain their value against conventional assets such as the U.S. dollar. Disruptions to a wallet service could allow for malicious transfers, potentially leading to a stampede from panicking customers, and there’s often no clarity on what happens if a provider goes bankrupt, the report said.
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