The Financial Stability Board (FSB), an international body that monitors and makes recommendations about the global financial system is expected to lay out steps to regulate the cryptocurrency industry in early 2023. The timeline for global regulators to implement its first recommendation on global crypto regulation will be released in the following months. The Board’s outgoing secretary-general Dietrich Domanski said the recent events such as the collapse of FTX and Terraform havd reinforced the recognition that it was indeed urgent to address risks associated with the cryptocurrency industry. He added that the board aimed to create a regime where crypto service providers would be subject to the same standard as banks if they provide the same services that banks provide.