PANews reported on October 14th, according to Ledger Insights, that the Financial Stability Board (FSB) submitted its mid-term report to the G20, currently chaired by South Africa. In a brief letter to G20 finance ministers and central bank governors, FSB Chair Andrew Bailey focused on four key topics: cross-border payments, crypto assets and stablecoins, implementation monitoring, and artificial intelligence. Cross-border payments and crypto assets were given top priority. Last week, the FSB noted that while much work had been completed in the cross-border payments area, the 2027 targets remained elusive. Progress has been limited.

In the cryptoasset sector, the letter and accompanying report highlight the sector's growth and its increasing integration with the traditional financial system. Therefore, any shock to the cryptoasset sector could have significant implications for financial stability. While many jurisdictions are planning (93%) or have already developed (88%) regulatory frameworks for cryptoassets and stablecoins, these frameworks tend to focus on anti-money laundering and sanctions compliance rather than on issues related to protecting financial stability.