G20 watchdog to propose first global crypto rules in October

The Financial Stability Board (FSB) said on Monday it would propose "robust" global rules for cryptocurrencies in October. The FSB has so far limited itself to monitoring the crypto sector, saying it did not pose a systemic risk. Recent turmoil in crypto markets has highlighted their volatility, structural vulnerabilities and increasing links to the wider financial system, the FSB said. The value of bitcoin, the largest cryptocurrency, has slumped some 70% since its November record of $69,000 and was trading at $20,422 on Monday, leaving many investors nursing losses. The watchdog is lagging the European Union, which agreed comprehensive new rules for the crypto market earlier this month. Many countries require crypto firms to have anti-money laundering controls. Source