FSB thematic review considers implementation of its Global Regulatory Framework for Cryptoasset Activities
The Financial Stability Board (FSB) has published a peer review highlighting significant gaps and inconsistencies in how jurisdictions are implementing its Global Regulatory Framework for Cryptoasset Activities. While some progress has been made since the framework’s launch in 2023 in regulating cryptoasset service providers, regulation of global stablecoins continues to lag behind. As of August 2025, most jurisdictions have yet to finalise or fully align their regulatory frameworks with the FSB’s recommendations, creating a patchwork of national approaches that could pose risks to financial stability and to the development of a resilient digital asset ecosystem. The FSB sets out eight recommendations on cryptoasset service providers and stablecoin arrangements, data reporting and collection, and cross-border cooperation and coordination.