The Institute of International Finance (IIF) has submitted input to the Financial Stability Board’s (FSB’s) thematic peer review regarding its global regulatory framework for crypto-asset activities. This response is based on input from a range of IIF members, including traditional financial institutions with crypto operations, crypto-native businesses, and infrastructure providers.

The IIF strongly advises that the objective of this review and other digital assets regulatory frameworks be working toward a future that is characterized by a single, cohesive financial system that integrates all instruments and institutions to support a healthy real economy. Our response notes various challenges and barriers presented by current regulatory requirements, and emphasizes the need for regulatory clarity, consistent implementation, and proportionate approaches across jurisdictions. 

In light of the many developments in recent months as well as the industry feedback gathered through this peer review, we encourage the FSB to consider whether any adjustments to its framework would be advisable to ensure that it remains relevant and fit for purpose. The IIF looks forward to the peer review’s report and stands ready with its members to engage in additional discussions on these topics.