The Financial Stability Board (FSB) has reportedly introduced the global regulatory framework for crypto-asset activities. The recommendations, which were released on 17 July, are based on the principle of “same activity, same risk, same regulation”. The FSB proposes segregating clients’ crypto assets from the crypto platform’s own funds and separating functions to avoid conflict of interest. The FSB’s guidelines also focus on strengthening cross-border regulatory cooperation and oversight. Notably, global stablecoin issuers are required to maintain a 1:1 reserve ratio and acquire permits to operate in each jurisdiction. The FSB plans to review the global adoption of these recommendations by 2025 and will submit a joint report on existing policies with the International Monetary Fund to the G20 in September 2023.