FSB to Present Robust Crypto Regulatory Framework to G20 in October

[zasad@]

https://news.bitcoin.com/g20-watchdog-announces-robust-global-crypto-regulation-coming-in-october/
The Financial Stability Board (FSB) says it is working on a “robust” regulatory framework for crypto assets and will report its recommendations to the G20 finance ministers and central bank governors in October.
"Noting that crypto assets, including stablecoins, are fast evolving, the FSB explained that the recent turmoil in crypto markets “may have spill-over effects on important parts of traditional finance such as short-term funding markets.” The organization detailed:

An effective regulatory framework must ensure that crypto-asset activities posing risks similar to traditional financial activities are subject to the same regulatory outcomes, while taking account of novel features of crypto-assets and harnessing potential benefits of the technology behind them."

[2stout]

So G20 regulation will be born out of this obviously.  Just wondering if their recommendations are going to be really strict, over-regulation in an attempt to knee cap the crypto industry and movement.  But each nation may address differently unless there is a singular G20 mindset in this matter, and this will still take some time before laws are passed and implemented.  Definitely worth keeping an eye on. 

[Hydrogen]

October, november 2022 takes place after the majority of US elections for this year.

They'll avoid passing anything before elections, which might shift public opinion.

Making it even more important to remember what this crypto regulation is for the following election cycle.

People tend to forget events after a short time. There is a chance that even if this regulation is bad for everyone. People won't remember it in a few years. That could represent the greatest danger.

[Husires]

The Financial Stability Board (FSB) says it is working on a “robust” regulatory framework for crypto assets and will report its recommendations to the G20 finance ministers and central bank governors in October.

Are these recommendations binding, or are they just papers to be thought about?
All organizational issues need a political motive in addition to a public issue that makes the passage of these legislation possible.
What happened recently with Luna may compel many countries to take steps forward if there is political will, which I think has been absent so far.

Therefore, without a political orientation, all these recommendations will not go beyond mere discussions.

[el kaka22]

Let's see what the nations say though. I mean sure it's cool to see it "presented" but the thing that will make it go bigger is not being presented, they all know what crypto is and they do not care about it.

The thing that will change a lot is one by one there are more situations like El Salvador. That is an experiment that so far didn't pan out, but there is a chance it could pan out in the future when the price goes up. When that happens we are going to see more and more nations getting in and eventually there will be a reserve currency type of deal for bitcoin in many nations, that's how you get bitcoin to be liked by governments as well as people.

[darkv0rt3x]

I am honest and I say I didn't read the entire text of the link. But I assume this regulatory framework for crypto is not only Bitcoin focused, right? Like, are we talking about PoW ban? I think this was kind of closed discussion, as I seen some article saying that the ban on PoW was reproved! Am I wrong? I think this framework will target crypto in general and not Bitcoin in particular! If it targets crypto in general, then, I wouldn't worry much about it because Bitcoin is all what matters. Let them kill all other cryptos, I don't really care!

[edgycorner]

I hope their regulations will focus more on ICOs and scammy sable coins. They do need regulation and interference from someone with the backing of judicial power no matter how libertarian you are.
It's ridden with the likes of Do-Kwon.

As for regulating the transactions and usage of any truly decentralized cryptocurrency, that's kind of impossible. no matter how many bills you pass lol