The objective of the review is to examine progress made by FSB member and select non-member jurisdictions in implementing the FSB’s global regulatory framework, including any lessons learnt. The Summary Terms of Reference provides more details on the objectives, scope, and process for this review.

The FSB has distributed a questionnaire to relevant jurisdictions to collect information. In addition, as part of this peer review, the FSB invites feedback from stakeholders on the following issues:

• Impact of jurisdictional regulatory frameworks on decisions of cryptoasset issuers and service providers (including stablecoin arrangements) to locate and structure their business.
• Experiences and challenges faced by cryptoasset market participants to meet the relevant regulatory and supervisory requirements.
• How financial stability vulnerabilities of cryptoasset activities, including stablecoins, differ across jurisdictions (e.g. based on the scale and materiality of the adoption of services) and how vulnerabilities are evolving (e.g. in type or magnitude) as jurisdictions implement relevant regulatory and supervisory frameworks. 
• Whether there are specific market practices and/or trends in certain geographies and/or segments that may pose a threat to financial stability.

Deadline for comments is 28 March 2025. 

Members also agreed on the FSB’s work programme for 2025, confirmed the extension of Klaas Knot’s term as FSB Chair until 1 July 2025, and discussed the process for selection of a new FSB Chair.

It also introduces the reports the FSB is submitting to the G20 addressing these issues, including;

The financial stability implications of tokenisation. This report outlines the "steps authorities and international bodies should consider to address data gaps in monitoring tokenisation adoption; increase understanding of how its features fit into legal and regulatory frameworks and supervisory approaches; and facilitate cross-border information sharing."

The status report on the G20 Cryptoasset Policy Implementation Roadmap. This report outlines the "progress made by jurisdictions in implementing the global regulatory framework for cryptoasset policy and regulatory responses developed by the IMF, FSB and standard-setting bodies."

A video of the speech is also available here.

One area of focus is "harnessing the benefits of digital innovation while containing its risks." The FSB will take forward implementation of its global regulatory and supervisory framework for cryptoasset activities and continue to monitor the financial stability implications of other digital innovations, including tokenisation and artificial intelligence.

Other priority areas of work include:

• Supporting global cooperation on financial stability
• Completing resolution reforms
• Enhancing the resilience of non-bank financial intermediation (NBFI)
• Enhancing cross-border payments
• Enhancing cyber and operational resilience
• Addressing financial risks from climate change

The priorities for the FSB’s work include: (i) enhancing the resilience of the non-bank financial intermediation sector; (ii) advancing work on the global regulatory and supervisory framework for cryptoasset markets and activities; (iii) addressing financial risks from climate change; (iv) enhancing cross-border payments; (v) strengthening cyber and operational resilience; and (vi) financial innovation. The finalised work programme will be published in early 2024.