The Financial Stability Board proposal covers all necessary risks found within crypto-asset activities that should be addressed at the moment, but additional risks and operations exist that do not threaten financial stability.
Crypto-asset activities that fit the “Same Activities, Same Risks, Same Rules” principle should be held to the same regulatory standards, but operations that may provide the same activities but at different risk profiles should face different rules, including less rules for less risky operations.
INATBA members support the FSB’s proposed recommendations on mitigating financial stability risks from global stablecoins, but believe that the recommended requirements may be overly burdensome for some operations and may stifle innovation. Clear thresholds and characteristics should exist to ensure the distinction between GSC and other types of crypto-asset activities.
INATBA members agree with the differentiated requirements on crypto-asset issuers and service providers in the proposed recommendations on risk management, data management, and disclosure, but believe that there should be a more granular differentiation within the recommendations between different types of intermediaries or service providers in light of the risks they pose to financial stability.
INATBA is willing to assist the FSB in its next steps on drafting further regulatory requirements, and are happy to see the recommendations and guidance on the Crypto Asset industry. The FSB’s recommendations ensure the maturity and future of the crypto-asset ecosystem, and INATBA members are excited to continue cooperation with the FSB.
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