The international monitoring body Financial Stability Board, or FSB, has proposed a comprehensive framework for cryptocurrencies aimed at addressing potential risks while “harnessing potential benefits of the technology.”

In an Oct. 11 report, the FSB opened a possible crypto regulatory framework to public comment including proposed policy initiatives, financial stability risks and the approach the group could use to establish guidelines for digital assets. According to the report, the FSB will submit proposed recommendations “to promote the consistency and comprehensiveness of regulatory, supervisory and oversight approaches to crypto-asset activities and markets” to the G20 finance ministers and central bank governors.

“Effective regulatory and supervisory frameworks should be based on the principle of ‘same activity, same risk, same regulation,’” said the FSB proposal. “Where crypto-assets and intermediaries perform an equivalent economic function to one performed by instruments and intermediaries of the traditional financial sector, they should be subject to equivalent regulation.”

The board also targeted stablecoins in its report, suggesting a review of recommendations established in October 2020. Members of the public have until Dec. 15 to submit comments on the proposals.

In an accompanying letter to the G20 dated Oct. 3, FSB chair Klaas Knot cited recent “turmoil in crypto-asset markets” behind the group’s recommendations:

“The current ‘crypto winter’ has reinforced our assessment of existing structural vulnerabilities in these markets. Concerns about the risks they pose to financial stability are therefore likely to come back to the fore sooner rather than later, as are public expectations that policymakers have in place a robust international framework to identify, monitor and address those risks.”

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Established under a G20 summit in 2009, the FSB has members representing institutions from 25 jurisdictions, including financial regulators, central banks and ministries of finance. However, the board largely has no enforcement authority over the entities, instead acting as an advisory body.