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The FSB recommends comprehensive, proportionate and internationally coordinated oversight of global stablecoin arrangements, including governance, data access, recovery, redemption, reserve and operational-resilience safeguards.
Current state: Ten non-binding recommendations issued 2023-07-17
Jurisdiction
InternationalRegulator
Financial Stability Board
Law Type
Other
Status
Current International StandardOfficial Law Number
FSB P170723-3
Official Title
High-level Recommendations for the Regulation, Supervision and Oversight of Global Stablecoin Arrangements
Effective Date
Effective date not specified
Publication Date
July 17, 2023
Last Verified
August 26, 2026
Central banks, financial regulators, stablecoin issuers, reserve managers, wallet and transfer providers, exchanges and other arrangement participants.
Effective authority powers; cross-border cooperation; governance and accountability; risk management; data access; recovery and resolution planning; disclosures; robust redemption rights; reserve stabilization and prudential safeguards.
Authorization rule: Effective authority powers.
No standalone AML/CFT rule is summarized here; generally applicable financial-crime law may still apply.
No dedicated custody rule is the primary focus of this record.
Disclosure, offering or marketing controls are material and communications should be fair, clear and not misleading.
Regulator: Financial Stability Board.
Not a tax code. Tax consequences depend on taxpayer, asset and transaction under the jurisdiction's current tax law.
High-Level Recommendations for the Regulation, Supervision and Oversight of Crypto-Asset Activities and Markets — Final Report (July 2023)
The FSB's High-Level Recommendations for Crypto-Asset Activities and Markets (2023) set nine recommendations for consistent regulation, supervision and oversight of crypto-asset issuers, service providers, activities and markets. They cover regulatory powers, governance, risk management, data, disclosures and cross-border cooperation. A separate revised set addresses global stablecoin arrangements. FSB recommendations are not self-executing domestic law.
Policy Recommendations for Crypto and Digital Asset Markets — Final Report (FR11/2023)
The IOSCO Policy Recommendations for Crypto and Digital Asset Markets (2023) contain 18 recommendations grounded in the principle of consistent regulation of economically equivalent activities. They address conflicts of interest, market manipulation, custody, disclosure, retail risks and cross-border cooperation. IOSCO recommendations are not self-executing domestic law — implementation depends on member regulators in their respective jurisdictions.
Crypto-Asset Reporting Framework (CARF) and Amendments to the Common Reporting Standard
The OECD/G20 Crypto-Asset Reporting Framework (CARF) creates global due-diligence and reporting rules for reporting crypto-asset service providers, supporting annual cross-border exchange of crypto-asset tax information among implementing jurisdictions. It also includes amendments to the Common Reporting Standard and an XML schema implementation package. National CARF laws should link to this canonical profile.
Basel Framework Chapter SCO60 — Prudential treatment of cryptoasset exposures
The Basel Committee on Banking Supervision's SCO60 standard sets the prudential treatment of banks' cryptoasset exposures, classifying cryptoassets into groups based on risk and conditions, and setting capital, liquidity, exposure, disclosure and infrastructure-risk treatment. Note: SCO60 is not self-executing domestic law; effectiveness depends on implementation by national Basel member jurisdictions.
FATF extends the global AML/CFT framework to virtual assets and VASPs, requiring risk assessment, licensing or registration, supervision, preventive measures, travel-rule information and sanctions. Current state: Interpretive Note adopted 2019-06-21; current consolidated FATF standards should be checked
FATF explains how its AML/CFT standards apply to virtual assets and VASPs, including stablecoins, peer-to-peer risks, licensing, supervision, travel-rule data and international cooperation. Current state: Current FATF interpretive guidance; jurisdictions implement it through domestic law
