Overview
- There are significant gaps and inconsistent implementation of crypto rules across jurisdictions, the FSB’s latest review finds.
- Stablecoin oversight is lagging in most countries, with only a handful having complete frameworks as circulation totals roughly $290 billion.
- The FSB assesses risks as limited at present but rising as the broader crypto market reaches about $4 trillion and linkages to banks grow.
- Fragmented approaches are enabling regulatory arbitrage and forum shopping by crypto firms and stablecoin issuers, complicating supervision.
- Governments are urged to fully implement the global framework and assess cross-border activity, with the report noting U.S. progress under the GENIUS Act.