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    FSB Issues Proposals on Crypto-Assets and Cyber Incident Reporting

    October 17, 2022

    The Chair of the Financial Stability Board (FSB) addressed a letter to the G20 Finance Ministers and Central Bank Governors (FMCBG) ahead of their meeting on October 13-14, 2022. The letter outlines the work FSB is undertaking to tackle financial stability issues, along with the reports being submitted to the October G20 FMCBG, which address climate-related financial risks and cover a regulatory framework for crypto-assets, improving cross-border payments, and containing cyber risks.

    Below are the key highlights of certain recently published reports:

    • FSB proposed a framework for the international regulation of crypto-asset activities. One of the core components of this framework are proposals for recommendations that promote the consistency and comprehensiveness of regulatory, supervisory, and oversight approaches to crypto-asset activities and markets and strengthen international cooperation, coordination, and information-sharing. The second key component constitutes the revised high-level recommendations for the regulation, supervision, and oversight of “global stablecoin” arrangements to address associated financial stability risks more effectively. The proposed recommendations have been issued for public consultation until December 15, 2022. The FSB aims to finalize the updated high-level recommendations on stablecoin arrangements by July 2023, reflecting comments received through public consultation.
    • FSB published a consultative document on achieving greater convergence in cyber incident reporting. The proposals take a comprehensive approach and include recommendations to address the challenges to achieving greater convergence in cyber incident reporting. The consultation also covers further work on establishing common terminologies related to cyber incidents and the proposal to develop a common format for incident reporting exchange (FIRE). A review of incident reporting templates and stocktake of authorities’ cyber incident reporting regimes indicated a high degree of commonality in the information requirements for cyber incident reports. Building on these commonalities, FSB proposes the development of a common reporting format that could be further considered among financial institutions and financial authorities. FSB is inviting feedback on this consultative document, in particular on the questions it has set out by December 31, 2022. 
    • FSB published the priority themes for the next phase of work under the G20 Roadmap for Enhancing Cross-Border Payments, two years after the Roadmap was launched. The plan includes the practical steps to be taken to strengthen external engagement during this next phase of the work. Three priority themes that have been identified for the Roadmap to focus on in the next phase are payment system interoperability and extension; legal, regulatory, and supervisory frameworks; and cross-border data exchange and message standards. FSB also published a report on the progress made during the second year of the Roadmap, bringing together in one place the wide-ranging, interconnected work under the different building blocks of the Roadmap.

     

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    Keywords: International, Banking, Crypto Assets, Cyber Risk, Cyber Incident Reporting, Cross Border Payments, Financial Stability, Roadmap, Stablecoins, FSB

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