The Financial Stability Board (FSB), established by the G20 countries, provided general recommendations for regulating steleholders.
FSB members believe that the world's leading economies need to carefully consider their legal system and regulatory requirements for stable cryptov currencies. This is necessary to ensure that steleholders cannot harm the international financial system. In FSB's view, steleholders must comply with the same requirements as other organizations with similar risks, regardless of the technology used.
The rules of traditional financial industry should be applied to stable cryptov currencies. These include payment requirements and customer identity verification. This will allow for at least a partial elimination of risks. However, control over the steleholders used for international payments is complicated by differences in financial regulations of different countries.
FSB believes that governments need to be flexible and develop a common standard for digital currency regulation so that their issuers cannot "move" from one jurisdiction to another. If necessary, authorized bodies should specify regulation and address possible gaps in the domestic legal system to effectively minimize the risks posed by international stewardships.
In addition, FSB proposes that stable cryptographic operators should take measures to effectively manage risks and ensure that their system operates sustainably. In particular, they are required to provide protection against cyberattacks, money laundering and terrorist financing.
In February, FSB's new chairman, Randal Quarles, said crypto assets can challenge any financial institution, and G20 members called for the active implementation of FATF standards for crypto currency.
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