FSB (Financial Stability Board)

The Financial Stability Board is an international body established in 2009 following the global financial crisis that monitors and makes recommendations about the global financial system, coordinating the work of national financial authorities and international standard-setting bodies to promote financial stability.

FSB comprises central banks, finance ministries, and regulatory authorities from 24 jurisdictions plus the European Union, along with international financial institutions and standard-setting bodies. In the crypto and digital asset domain, FSB coordinates the global regulatory response to systemic risks posed by crypto assets, particularly globally systemic stablecoins and interconnections between crypto markets and traditional finance.

FSB published comprehensive regulatory frameworks for crypto assets in July 2023, recommending that jurisdictions implement robust regulation, supervision, and oversight of crypto asset activities and markets proportionate to financial stability risks. The Board's recommendations address governance, risk management, data collection, disclosure, cross-border cooperation, and the application of "same activity, same risk, same regulation" principles. FSB works closely with FATF on anti-money laundering standards, BIS on CBDC development, and the International Organization of Securities Commissions on market conduct rules, ensuring coordinated global approaches to emerging crypto-related financial stability risks.