WFE Calls For Stablecoin Taxonomy
The World Federation of Exchanges (“WFE”), the global industry group for exchanges and CCPs, has responded to the Financial Stability Board’s consultation document on ‘Addressing the regulatory, supervisory and oversight challenges raised by “global stablecoin” arrangements’.
As stablecoins continue to grow, we call for the development of a common taxonomy that would also cover crypto-assets more broadly, creating a consistent and common regulatory classifications before they fragment further https://t.co/paT3czCi8f
— TheWFE (@TheWFE) July 22, 2020
The WFE generally welcomed the approach and recommendations made by the Financial Stability Board but advocated an expanded application of the proposals in three areas:
- Creating classifications via a taxonomy for all GSC and crypto-assets
- Application of the recommendations to all crypto-assets
- Applying the cross-border co-operation recommendations and information-sharing requirements to the supervision of all those trading GSC/crypto-assets
To read the full response, please click here
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