Dietrich Domanski, the Secretary General of the <a href="https://www.cryptoknowmics.com/news/fsb-proposes-comprehensive-international-cryptocurrency-rules">Financial Stability Board</a> (FSB) <a href="https://www.ft.com/content/88d4b6a7-926b-43c9-9198-37455e5a1afc" target="_blank" rel="nofollow noopener">said</a> to the Financial Times on his final day in office following a five-year tenure that the most influential global financial watchdog body is getting ready to publish stringent proposals for <a href="https://www.cryptoknowmics.com/news/crypto-insurance-firm-evertas-raises-14m-to-combat-bear-market" target="_blank" rel="nofollow noopener">Crypto</a> Legislation in early 2023, with a timetable that authorities should follow for implementation.
<h2>FSB to Complete Crypto Legislation Following FTX Crash</h2>
The recent incidents have strengthened the awareness that it is necessary to manage risks. Domanski is being replaced by John Schindler, a director in the Federal Reserve's division of financial stability. As government hearings highlighted the issue of crypto oversight, the failure of the cryptocurrency exchange <a href="https://www.cryptoknowmics.com/news/ftx-founder-sam-bankman-fried-detained-bahamas">FTX</a> has caught the attention of authorities worldwide.
<h2>General Standard of Regulation and Supervision</h2>
Last week, the FSB, which consists of central bankers, finance ministers, and regulators from G20 nations, gathered in Basel. The agenda included a significant section on lessons learned from the FTX fiasco. In order to create a general standard of crypto legislation and supervision, especially in jurisdictions that are not FSB members, the group urged continuing vigilance and the necessity of advancing the policy work program by the FSB and the benchmark bodies.

In particular, the FSB paid attention to decentralized finance and pledged to look at measures to close the loopholes in <a href="https://www.cryptoknowmics.com/news/defi-protocol-ankr-manipulated-for-over-5-million">DeFi</a> oversight. In October, the FSB released a study with high-level suggestions for governing the cryptocurrency sector. This paper will continue to shape crypto policy all around the world.

FSB Intends to Complete Global Crypto Legislation in Early 2023: FT

The most influential global financial watchdog body, FSB, is getting ready to publish stringent proposals for Crypto Legislation in early 2023.

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FSB Intends to Complete Global Crypto Legislation in Early 2023: FT

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