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Part II Digitalization of Money and Finance, 8 Towards an International Framework for the Regulation and Supervision of ‘Stablecoins’

Eva HG Hüpkes

From: International Monetary and Banking Law post COVID-19

Edited By: William Blair, Christos Gortsos, Chiara Zilioli

From: Oxford Legal Research Library (http://olrl.ouplaw.com). (c) Oxford University Press, 2023. All Rights Reserved.date: 15 April 2024

Subject(s):
Regulation of banks — Capital markets — Currency — Supervision — Financial stability — Monetary system — Committee on Payment and Settlement Systems (CPMI)

This chapter explores the international framework for the regulation and supervision of stablecoins. It acknowledges how digital innovation influenced the transformation in the financial sector. Moreover, stablecoins refer to digital assets maintaining a stable value relative to a specified asset or a pool of assets. Since any operational or financial disruption in the stablecoin arrangement or sudden loss of credibility might impact economic activity financial stability, the Financial Stability Board (FSB) issued a high-level recommendations on the regulation, supervision, and oversight of so-called global stablecoin arrangements. The chapter highlights the importance of authorities in all relevant jurisdictions cooperating closely in regulating and supervising stablecoin activities to ensure that no operation escapes regulation and supervision.

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