Watchdog sounds alarm about overlooked risks in global crypto market: ‘Significant gaps’
Experts warn of “significant gaps” in rules governing the global crypto market, which could destabilize the financial sector.
What’s happening?
According to Reuters, the Financial Stability Board, established after the 2008 financial crisis, recommended changes to cryptocurrency regulations in 2023 to align them with the mainstream market.
Some positive changes have been made, but implementation was too “fragmented, inconsistent, and insufficient to address the global nature of crypto-asset markets,” per the review.
While stability risks are low, they are increasing as the global crypto market’s value has doubled to $4 trillion since last year.
FSB Secretary General John Schindler told Reuters that it’s…
