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 report, which was delivered to G20 Finance Ministers and Central Bank Governors ahead of their meeting in Marrakesh, Morrocco, provides an overview of the FSB’s work to assess and address current and emerging vulnerabilities including:

• The finalisation of a global regulatory framework for cryptoassets, including stablecoins
• Work to address systemic risk in non-bank financial intermediation
• The development of a global standard for financial resources and tools to support resolution of systemically important central counterparties
• Work under the FSB Roadmap for Addressing Climate-related Financial Risks, including promotion of the timely and wide use of global sustainability disclosure standards
• Work to achieve greater convergence in cyber incident reporting and the development of a policy toolkit for authorities, financial institutions and service providers for their third-party risk management and oversight
• Work to enhance cross-border payments through practical projects, including strengthened partnerships with the private sector.

The paper examines the key risks to macroeconomic stability, financial stability, and other areas (such as legal, financial integrity and market integrity related risks), posed by cryptoasset activities.

It then presents policy responses to these risks in the areas of:

• macro-financial policies;
• financial stability regulation; and
• other policies and regulation.

The paper concludes with an implementation roadmap. The roadmap includes planned and ongoing work related to the implementation of cryptoasset policy frameworks, which taken together seek to: build institutional capacity beyond G20 jurisdictions; enhance global coordination, cooperation, and information sharing; and address data gaps necessary to understand the rapidly changing cryptoasset ecosystem.

The paper does not establish new policies, recommendations or expectations for relevant member authorities.

The note says that while "considerable work" has already been done by intergovernmental organisations on framing essential regulatory standards for the cryptoassets industry, there is still a "need for coordination in consistent implementation of regulations and guidance put in place by different jurisdictions".

The note provides input for the IMF-FSB Synthesis Paper, which will incorporate a "Roadmap on Establishing a Global Framework for Crypto Assets" and is expected to be published at the end of August. 

The goal of having a "global and common roadmap" would be to "help countries put in place an agreed minimum policy standard for cryptoassets, which would aim to (i) safeguard nations’ macroeconomic, financial stability and financial integrity; (ii) provide for appropriate investor/user awareness, education and protections; and (iii) facilitate development of the underlying technology and encourage innovations in the financial sector."

The roadmap would allow for "flexibility of actions to be taken forward and already taken by the most suitable expert bodies, in accordance with their mandates, governance and reporting processes, facilitating coordination on financial stability and macro-financial - related aspects of the sector between the various international organisations and standard setting bodies and reporting on an agreed schedule to the G20." The timeline for the action points would be decided by the relevant international organisations.

The framework is based on the principle of ‘same activity, same risk, same regulation’ and provides a basis for ensuring that cryptoasset activities and stablecoins are subject to "consistent and comprehensive regulation, commensurate to the risks they pose, while supporting responsible innovations potentially brought by the technological change."

The framework consists of two distinct sets of recommendations:

1. high-level recommendations for the regulation, supervision and oversight of cryptoasset activities and markets;

2. revised high-level recommendations for the regulation, supervision, and oversight of 'global stablecoin' arrangements.

The recommendations focus on "addressing risks to financial stability, and do not comprehensively cover all specific risk categories related to cryptoasset activities. They take account of lessons from events of the past year in cryptoasset markets, as well as feedback received during the public consultation of the FSB’s proposals."

The document describes how the two distinct sets of recommendations build a framework for the regulation, supervision and oversight of global stablecoins arrangements and other cryptoasset activities and sets out next steps.

The key components of the framework were "proposals for recommendations that promote the consistency and comprehensiveness of regulatory, supervisory and oversight approaches to cryptoasset activities and markets; and revised high-level recommendations for the regulation, supervision, and oversight of “global stablecoin” arrangements to address associated financial stability risks more effectively."

The document summarises the comments from respondents to the consultation and sets out the main changes made to the final recommendations in order to address them.