FSB upozorava na rupe u regulaciji kripta
The Financial Stability Board (FSB) has warned that significant gaps in crypto regulation across countries could pose serious risks to global financial stability. In its latest review, the international financial watchdog highlights that despite progress in regulating crypto assets and, to a lesser extent, global stablecoins, major inconsistencies remain.
“Crypto-asset markets and regulation are evolving rapidly. The review shows jurisdictions have made progress in regulating crypto-asset activities and to a lesser extent global stablecoin arrangements. However, it also reveals significant gaps and inconsistencies that could pose risks to financial stability and to the development of a resilient digital asset ecosystem,” the report states.
Risks of regulatory arbitrage
According to the FSB, crypto companies and stablecoin issuers may exploit uneven regulations by “shopping” for the most favorable jurisdictions. This practice—known as regulatory arbitrage—could, in turn, magnify market shocks.
“Different rules could lead to dynamics which could exacerbate shocks,” said John Schindler, secretary-general of the FSB, in an interview with the Financial Times. “These are things we wanted to avoid, and now we are seeing them appear.”
The warning came amid discussions at the annual IMF and World Bank meetings in Washington, where global regulators debated diverging approaches to crypto oversight.
Diverging global approaches
Since Donald Trump’s return to the White House earlier this year, the United States has adopted a more crypto-friendly stance. In contrast, many European nations remain cautious, while China has banned most crypto activities altogether. Countries like Mexico and India still lack comprehensive regulatory frameworks.
Andrew Bailey, governor of the Bank of England and chair of the FSB, noted during an event in Washington that some jurisdictions are taking a “let a thousand flowers bloom” approach to crypto innovation. However, he added that global coordination would soon be necessary to achieve a more harmonized regulatory landscape.
The leverage problem
Schindler also voiced concerns about the lack of regulation on leverage in crypto markets—such as borrowing against exposures or using debt to amplify trading positions. According to the FSB, only Bermuda and the Bahamas have fully regulated crypto borrowing and lending, requiring providers to manage counterparty risks and maintain capital buffers. Without such measures, the FSB warns, leverage could trigger “margin calls and cascading failures during market stress.”
Founded in April 2009 after the global financial crisis, the Financial Stability Board is headquartered in Basel, Switzerland. Its mission is to promote international financial stability by coordinating national regulators and standard-setting bodies, ensuring coherent policy implementation worldwide.
Sources:
https://www.ft.com/content/86593f5c-b524-4050-951b-d19ddcfb6158
https://www.fsb.org/about/#mandate