In view of the recent publishing by the Financial Stability Board (FSB) of the report on the proposed framework for international regulation of the cryptocurrency industry, which was a result of FSB’s research of the topic as was mandated by the G20, some market players also have expressed their thoughts on this hot topic. The FSB’s proposes that “effective regulatory and supervisory frameworks should be based on the principle of ‘same activity, same risk, same regulation’”. This approach would mean that regulations applicable to traditional financial institutions shall be also applicable to companies that operate in the cryptocurrency industry and provide similar services with equivalent economic functions. However, certain special features relating to the operation of the cryptocurrency industry must certainly be addressed as well. On 19 October 2022, the Chief Executive Officer of one of the largest cryptocurrency exchanges, FTX, Sam Bankman-Fried (SBF), published his view on possible regulation of the cryptocurrency industry, together with some suggestions on how to make it effective.
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