International

IOSCO sets nine policy expectations for DeFi, emphasizing substance over labels, identification of responsible persons, regulatory-perimeter analysis, conflicts, operational risk, disclosure, enforcement and cross-border cooperation.

Current state: Nine non-binding policy recommendations for securities regulators; implementation depends on each jurisdiction

IOSCO provides an outcomes-based baseline for centralized crypto markets, centered on regulatory consistency, conflicts, market abuse, custody, operational risk, disclosure, cross-border cooperation and retail distribution.

Current state: Eighteen non-binding recommendations for centralized crypto-asset markets

The FSB sets a global baseline for crypto-asset activities and markets based on same activity, same risk, same regulation, while addressing governance, risk management, data, disclosures and interconnectedness.

Current state: Nine non-binding recommendations issued 2023-07-17

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

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

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

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.

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.

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.

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.