In remarks at the International Institute of Finance Digital Assets Roundtable, Financial Stability Board Deputy Secretary General Martin Moloney differentiated between tokenised assets and “native” crypto-assets, arguing that tokenisation currently presents primarily an industry coordination challenge while crypto-assets make regulation a potentially binding constraint. He also indicated that the FSB will deliver a thematic peer review to the G20 in October on implementation of the FSB’s global regulatory framework for crypto-asset activities. On tokenisation, Moloney said financial stability concerns previously flagged by the FSB are not the main obstacle at this stage, pointing instead to questions around common standards, utility-type services, scalability and sustainable revenue models for early movers. He suggested supervisors’ concerns should be limited where tokenised products are designed to generate suitable, unlagged data for authorities and rely on proven legal frameworks to achieve outcomes such as payment finality, and he noted that state-led initiatives such as tokenising treasuries or deploying central bank digital currencies fall outside the FSB’s remit but do not, in his view, pose a fundamental financial stability issue. By contrast, he described growing interlinkages between crypto and traditional finance as requiring careful oversight and resilient interoperability, and reiterated that stablecoins remain a key focus under the FSB’s Global Stablecoin Recommendations, including robust legal claims, effective stabilisation mechanisms and prudential requirements to mitigate risks such as runs and asset fire sales, alongside stronger cross-border cooperation. The October peer review is intended to assess progress by FSB members and selected non-members in developing regulatory frameworks for crypto-assets and stablecoins, addressing regulatory data gaps and cooperating across borders.
Financial Stability Board 2025-04-25
Financial Stability Board signals October G20 peer review on crypto-asset framework and warns of cross-border stablecoin risks
FSB Deputy Secretary General Martin Moloney noted at the International Institute of Finance Digital Assets Roundtable that tokenisation poses industry coordination challenges, and crypto-assets need regulatory constraints. He stressed careful oversight of crypto's integration with traditional finance and reiterated the focus on stablecoins under the FSB’s Global Stablecoin Recommendations. The FSB plans to deliver a thematic peer review to the G20 in October on implementing its global regulatory framework for crypto-asset activities.