The Financial Stability Board (FSB) published a thematic peer review of implementation of its 2023 global regulatory framework for crypto-asset activities, finding that progress remains incomplete, uneven and inconsistent across jurisdictions. The review warns that these gaps, particularly around stablecoins, could pose risks to financial stability and create opportunities for regulatory arbitrage in an inherently cross-border market. As of August 2025, jurisdictions have advanced further on regulating crypto-asset markets and activities than on global stablecoin arrangements (GSCs), where few have finalised regulatory frameworks. Even where frameworks are in place, the report finds limited alignment with FSB recommendations, especially in relation to stablecoin arrangements and crypto-asset service providers, alongside ongoing changes as jurisdictions update or refine approaches. The assessment also covers implementation relating to data reporting and collection and cross-border cooperation and coordination, and sets out recommendations to address remaining issues on progress, comprehensiveness and consistency, and cross-border supervisory coordination. The International Organization of Securities Commissions (IOSCO) released a complementary thematic review on implementation of its Crypto and Digital Asset framework, and a joint information note provides an overview of the scope and findings of both reports.

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