The G20 Financial Stability Board (FSB) has developed a set of recommendations for a global regulatory framework for cryptocurrencies.
The document reportedly consists of two sets of recommendations: high-level regulation of digital assets in general and revised high-level recommendations for a "global stablecoin."
According to the document, any issuer of a stablecoin should have one or more identifiable and accountable legal persons or entities: a "governing body." It must have reserve assets in a minimum 1:1 ratio and be permitted to work in each individual jurisdiction.
The FSB has said crypto platforms should separate customers' digital assets from their own funds and clearly separate their functions in order to avoid conflicts of interest. Regulators, in turn, are obliged to ensure cross-border cooperation on the issue of supervision of industry participants.
The guidance has been developed for the 20 of the world's leading economies and is based on the principle of "same activity, same risk, same regulation."