G20 watchdog FSB 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, following recent turmoil in markets that has highlighted the need to regulate the "speculative" sector.

The FSB, a body of regulators, treasury officials and central bankers from the Group of 20 economies (G20), has so far limited itself to monitoring the crypto sector, saying it did not pose a systemic risk.

But recent turmoil in crypto markets has highlighted their volatility, structural vulnerabilities and increasing links to the wider financial system, the FSB said.

"The failure of a market player, in addition