Regulators propose first global rules before 'crypto winter'


The Financial Stability Board (FSB), which coordinates financial rulemaking within the Group of 20 (G20), issued nine suggestions for members to follow.

In most countries, the business is mainly unregulated, with regulators warning investors that they risk losing every cent if they do not follow laws to prevent money laundering and terrorism funding.

According to the FSB, crypto has a total worth of around $935 billion, compared to $3 trillion at its height in November last year.

Concerns about the threats they represent to financial stability are so likely to resurface sooner rather than later.

As a result of their sensitivity to runs, several crypto-asset lenders collapsed during the current market volatility.

"Thin capitalisation, concentrated exposures to riskier firms, and dangerous trading and commercial operations," according to the FSB.