Crypto Companies Need Backing Capital Like Banks – Global Regulator

The global coordinator for financial regulation has put forward a proposal for cryptocurrency regulation, which it hopes countries will enact before the end of the crypto winter.

The Financial Stability Board (FSB), which monitors and makes recommendations about the global financial system for the Group of 20 Economies (G20), offered nine recommendations for these countries to apply. 

Cryptocurrencies currently remain largely unregulated throughout the countries of the world, with most firms only required to comply with rules against money laundering and terrorist financing. 

Yet, the shocks that have caused crypto markets to fall from $3 trillion in market capitalization at their peak in Nov. last year to currently under $1 trillion have led the FSB to believe that crypto firms should be required to