The Financial Stability Board (FSB), an international body overseeing the global financial system, has outlined its ambitious plans for the year 2024. As highlighted in a recent article on CoinTelegraph, the FSB Work Programme for 2024 is set to closely monitor the implementation of its global regulatory framework for crypto-asset activities, along with examining the financial implications of digital innovations like tokenization and artificial intelligence (AI).
In July 2023, the FSB developed a comprehensive global regulatory framework for cryptocurrencies, advising the G20 on measures to ensure a secure crypto environment. The guidelines stress the importance of segregating client digital assets, avoiding conflicts of interest, and enhancing cross-border regulatory cooperation and oversight.
A significant part of the FSB's 2024 agenda is to complete work on the financial stability implications of tokenization. The board plans to deliver a detailed report to the G20 on the recent advancements in AI and their potential effects on financial stability, as well as steps to bolster cyber resilience.
Moreover, the FSB is working on a format for Incident Reporting Exchange (FIRE) to standardize financial institutions' reporting of cyber incidents to monetary authorities. This initiative follows the FSB's April 2023 discovery that financial authorities share common information needs regarding cyber incident reporting. The proposed FIRE standard aims to facilitate smoother information exchange among authorities.
The FSB's comprehensive approach in 2024, covering crypto-assets, AI, and cybersecurity, indicates a significant step towards a more regulated and secure financial landscape in the era of digital finance.
Disclaimer: Please note that the information provided in this article is based on the referenced research articles. It is essential to conduct further research and analysis before making any investment decisions. The cryptocurrency market is highly volatile, and investors should exercise caution and consult with financial professionals before engaging in cryptocurrency trading or investment activities.
