The crypto industry is regulated regionally, with some nations making faster and more decisive moves compared to others.
The EU has developed some rules for members of the union, and some nations in Europe stepped up their policy-making game in 2022.
However, the global arena is still the wild west of cryptocurrencies, with many companies taking full advantage of unregulated international crypto trade.
The FTX debacle jumpstarted many processes on various scales. Countries decided to hastily announce how they would tackle the issue of intermediaries and bad actors in the industry.
Many international committees expressed their concern. However, FSB is planning to start acting now.
The Financial Stability Board will get to work
The FSB is planning to release a timeline for all international regulators to implement recommendations on a global scale.
Right now, the framework is being prepared with people at FSB saying that it is important to ensure that policymakers have all the necessary information before acting.
The current situation is such that even experts often do not make it clear how to approach certain digital assets.
Some countries are literally waiting for the world to generate something appropriate. For example, India has been collecting taxes on cryptocurrency income but did not yet implement any regulatory mechanisms for crypto trading.
The same can be said about other Asian and European nations that are holding back until there is more clarity.
The timeline will ensure that all countries and international agencies are working to achieve the same goal and implement sound regulations that would allow the crypto industry to grow without breaking the rules.
The FTX collapse triggered many good developments
Many people in the crypto community have been talking about the lack of oversight on the international level allowing companies like FTX to uncontrollably spread their operations globally.
The FSB is a highly important global institution and its attention to the industry is quite welcome. We need rules and transparency to ensure that something like FTX cannot happen again.
Hopefully, the timeline will be released soon so that investors can calm down and look forward to changes on a global scale!
