Framework Vigilant Monitoring of Crypto Risks Revealed by FSB

Framework Vigilant Monitoring of Crypto Risks Revealed by FSB
фото показано с : blokt.com

2018-7-20 16:04

Risks related to cryptocurrencies do not pose a serious threat to global financial stability at the moment. However, the Financial Stability Board (FSB), the international organization established by the G20 to monitor the worldwide financial system, does not want to get caught unprepared. The group wants to monitor crypto-related risks to spot potential issues that may affect the financial system early on.

Evaluating Crypto Risks Before They Spread Into the Financial System

The Financial Stability Board (FSB) recently released a report that established a “framework for ‘vigilantly’ monitoring risks from crypto assets,” according to Reuters. While the international body does not believe that these crypto-related risks could pose a severe risk by spreading to the larger financial system at the moment, regulators still want to monitor them to understand the potential effects of these risks fully.

FSB stated in the report:

“In general, monitoring the size and growth of crypto-asset markets is critical to understanding the potential size of wealth effects, should a decline in valuations occur … The use of leverage, and financial institution exposures to crypto-asset markets are important metrics of transmission of crypto-asset risks to the broader financial system.”

Financial System Safe but Other Risks Just as Serious

While cryptocurrencies and their trading platforms do not really threaten the global financial system, they raise certain concerns that are serious. For instance, crypto-related crimes may affect the integrity of the financial market as a whole. There are also concerns that cryptos may be used in money laundering and even in financing terrorism.

Of particular interest to the FSB are start-ups because of their preferred means of raising capital — which is through initial coin offerings (ICO). This also mirrors the concern of various regulators around the globe, who are striving to put up regulations to help strengthen consumer and investor protection. Numerous ICO scams in the past have prompted this, where some investors even lost their entire placements to these fraudulent activities.

Framework Vigilant Monitoring of Crypto Risks Revealed by FSB was originally found on [blokt] - Blockchain, Bitcoin & Cryptocurrency News.

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