The need for regulation is being felt across the crypto spectrum after the series of collapses and bankruptcies since May 2022.
The G20 Finance Ministers and Central Bank Governors Meeting on February 24-25 in Bengaluru, India, concluded with a strong commitment to regulations for the cryptocurrency sector.
Klaas Knot, Chairman of FSB, sent a letter to the G20 meeting in which he mentioned that the FSB was preparing recommendations for regulating cryptocurrency and decentralized finance. She clarified that stablecoins that are fully backed by reserves create a “reasonably good space for the economy.”
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