FSB Holds Meetings to Discuss International Cooperation Plan on Stablecoin
[ChainDD report] January 14 (ChainDD) Korea FSC vice-chairman Sohn Byungdoo attended the Financial Stability Board (FSB) steering committee meeting held on January 13, 2020, in Basel Switzerland.
According to the report, this steering committee meeting was attended by the heads of central banks and financial regulatory bodies from 20 countries and 11 international organizations, such as the International Monetary Fund and the European Central Bank. The members held discussions on the risk assessment of non-bank financial institutions and ways to respond to risks associated with stablecoins.
On regulating stablecoins, the FSC agreed on the principle that a holistic approach to risk assessment should take place and that appropriate regulatory measures should be established prior to incorporating stablecoins in the global financial system. Considering the effects of stablecoins on monetary policy and anti-money laundering regime, the FSC reaffirmed the need to bolster cooperation with international organizations, such as the IMF and the Financial Action Task Force.