Global Framework For Digital Asset Regulation: Financial Stability Board Releases Final Recommendations

The Financial Stability Board ("FSB"), an international organization that coordinates the work of national financial authorities and international standard-setting bodies ("SSBs") to develop and promote effective regulatory, supervisory and other financial sector policies at the global level, recently published its international regulatory framework for digital (cryptographic) asset activities (the "Framework"). The Framework follows the FSB's October 2022 release of questions for consultation, which were disseminated in the midst of significant market events impacting the digital asset industry (the "Consultation"). Taking into account both feedback from the Consultation and stakeholder outreach, the Framework is published through final reports primarily regarding crypto-asset activities and markets and stablecoins, along with an accompanying umbrella public note and an overview of responses to the Consultation.