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Financial Stability Board publishes framework to monitor crypto-assets

The Financial Stability Board (FSB), an international body monitoring the global financial system, has published a framework to monitor the implications of crypto-assets on financial stability.

The FSB has published “Crypto-assets: Report to the G20 on the work of the FSB and standard-setting bodies”. The framework has been developed by the FSB, in collaboration with the Committee on Payments and Market Infrastructures (CPMI).

As part of its efforts to assess the vulnerabilities of the financial system, the report sets out the metrics that the FSB will use to monitor crypto-asset markets. It encompasses transmission channels, size and growth of crypto-asset markets, as well as metrics on trading volumes, pricing, clearing and margining for crypto-asset derivatives. Metrics on financial institution exposures to crypto-asset markets will be included to the extent that they become available, according to the official release.

“While the FSB believes that crypto-assets do not pose a material risk to global financial stability at this time, it recognises the need for vigilant monitoring in light of the speed of market developments,” the FSB said.

Earlier this year, G20 finance ministers agreed on a July deadline for presenting the first proposals on regulating crypto-assets.

The FSB said that the Financial Action Task Force (FATF) will report separately to the G20 on its work concerning the money laundering and terrorist financing risks relating to crypto-assets.

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