The Financial Stability Board (FSB) has announced it will release international cryptocurrency regulations in October. The FSB has announced these upcoming guidelines after the crypto market has faced great turmoil and volatility. Bitcoin has slumped nearly 70% since November of 2021, resulting in an increased demand for a legal, regulatory framework behind crypto. Government regulators have been criticized for its lack of regulatory action surrounding crypto, and the introduction of international cryptocurrency regulations will inevitably change the industry.
David Rosenfield, Chair of Litigation at Warren Law Group, states, "These guidelines are long overdue. With the crypto markets in free-fall, robust regulations are clearly necessary to regulate them."
If you have built a significant crypto portfolio, or you are a crypto broker, it is critical that you have a strong understanding of what international crypto regulations will mean for your business. To ensure you are in compliance with all regulations you should seek experienced regulatory counsel.
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