FSB weighs options for tackling rise of non-banks

Regulators did not previously view crypto assets as a threat to stability, but Libra could change that

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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