The Financial Stability Board (FSB) has called on its members to focus on consistent implementations of crypto-assets and stablecoins, noting issues with the current set up.
In its Thematic Peer Review on the FSB Global Regulatory Framework for Crypto-asset Activities, published today, the institution revealed significant gaps and inconsistencies in implementing the FSB Global Framework for Crypto-Asset Activities. The review notes how this could pose risks to financial stability and to the development of a resilient digital asset ecosystem.
Crypto-asset markets and regulation are changing rapidly, according to FSB.
“Implementation progress remains incomplete, uneven and inconsistent. This creates opportunities for regulatory arbitrage and complicates oversight of the inherently global and evolving crypto-asset market”, said Arthur Yuen, deputy chief executive of the Hong Kong Monetary Authority and chair of the team that prepared the report.
The review shows that, as of August 2025, jurisdictions have made progress in regulating crypto-asset activities and to a lesser extent global stablecoin arrangements (GSCs).
However, it also exposes gaps and inconsistencies that may threaten financial stability and the growth of a resilient digital asset ecosystem.
FSB highlight that few jurisdictions have finalised their regulatory frameworks for GSCs, and amongst those that have, full alignment with the FSB recommendations remains limited.
The review urges the FSB and its members to prioritise action and fully implement recommendations to improve progress, consistency, and cross-border coordination.
The full review can be found on the FSB website: Financial Stability Board – Promoting global financial stability through strong financial sector policies.
