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Wednesday, the Committee on Payments and Market Infrastructures of the Bank for International Settlements (CPMI) and the International Organization of Securities Commissions (IOSCO) released their final guidelines on regulating stablecoins.
The recommendation is a step toward implementing a "same risk, same regulation" legal framework for stablecoins, which are cryptocurrencies with a constant value compared to another asset, such as national currency or gold.
BIS's forum for international payments and settlements is the CPMI. IOSCO is an international association of securities regulators.
The BIS stated that if a stablecoin performs a transfer function and regulators deem it significant to financial systems, it must adhere to the Principles for Financial Market Infrastructures (PFMI) just like any other instrument. The principles are the global benchmarks for financial market infrastructures. It was said that nations would determine whether or not to implement them.
Terra’s stablecoin UST collapse in May prompted global regulators to seek further oversight. In a speech earlier this week, Jon Cunliffe, chairman of the CPMI and deputy governor of the Bank of England, urged authorities to go forward with sector regulation. The European Systemic Risk Board, which regulates the financial system of the European Union, has also stated that it aims to offer recommendations on how worldwide rules might be established for crypto assets that could represent a danger to the financial system.
Cunliffe stated in the report, “Recent developments in the crypto-asset market have again brought urgency for authorities to address the potential risks posed by crypto assets, including stablecoins more broadly.”
This final recommendation follows the consultation initiated by the two organizations in October.
They stated that the CPMI and IOSCO would continue to examine regulatory problems related to stablecoin arrangements and work with other standard-setting groups.