Financial Stability Board

• The Financial Stability Board published final recommendations, requested by the G20, on supervising firms that trade cryptoassets such as bitcoin.
• The watchdog also revised its existing recommendations for stablecoins in light of the demise of TerraUSD/Luna coins.

ABOUT FINANCIAL STABILITY BOARD

• It is an international body that monitors and makes recommendations about the global financial system.
• Established in April 2009 after the London G20 Summit in London
• It is the successor to the Financial Stability Forum.
• Mandate- It promotes international financial stability by coordinating,at the international level, the work of national financial authorities and international standard-setting bodies and to develop and promote the implementation of effective regulatory, supervisory, and other financial sector policies.
• HQ- Basel, Switzerland.
• The board includes all G20 major economies.
• The Financial Stability Board publishes the list of Global Systemically Important Banks (G-SIBs) by consulting the Basel Committee on Banking Supervision.
• The FSB’s decisions are not legally binding on its members.