The Financial Stability Board (FSB) is seeking feedback from stakeholders as part of its thematic peer review on the implementation of its global regulatory framework for crypto-asset activities. The framework consists of two sets of high-level recommendations for the regulation, supervision and oversight of (i) crypto-asset activities and markets, and (ii) “global stablecoin” arrangements.

The objective of the review is to examine progress made by FSB member and select non-member jurisdictions in implementing the FSB’s global regulatory framework, including any lessons learnt. The Summary Terms of Reference [link] provides more details on the objectives, scope, and process for this review.

The FSB has distributed a questionnaire to relevant jurisdictions to collect information. In addition, as part of this peer review, the FSB invites feedback from stakeholders on the following issues:

  • Impact of jurisdictional regulatory frameworks on decisions of crypto-asset issuers and service providers (including stablecoin arrangements) to locate and structure their business.
  • Experiences and challenges faced by crypto-asset market participants to meet the relevant regulatory and supervisory requirements.
  • How financial stability vulnerabilities of crypto asset activities, including stablecoins, differ across jurisdictions (e.g. based on the scale and materiality of the adoption of services) and how vulnerabilities are evolving (e.g. in type or magnitude) as jurisdictions implement relevant regulatory and supervisory frameworks. 
  • Whether there are specific market practices and/or trends in certain geographies and/or segments that may pose a threat to financial stability.

Feedback should be submitted by 28 March 2025 to fsb@fsb.org under the subject heading “FSB Thematic Peer Review on global crypto”. Individual submissions will not be made public. The peer review report is expected to be published in October 2025.