FSB weighs options for tackling rise of non-banks
Randal Quarles says strict regulation is necessary if crypto assets like Libra become widely used
The Financial Stability Board is weighing up how best to respond to the rapid rise of non-banks in the global financial system and new forms of technology such as crypto assets.
Non-banks now account for nearly half of outstanding financial assets. In a letter to G20 leaders, who met this week in Osaka, FSB chair Randal Quarles said the organisation would weigh up whether new tools are needed and would design a framework to add rigour to its own surveillance.
“We are continuing to study the
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