Key takeaways
What did the FSB warn about?
The FSB has warned that fragmented regulation of crypto and stablecoins could pose risks to global financial stability as adoption accelerates.
Why is global coordination important?
Despite frameworks such as the MiCA and MAS rules, only a handful of countries have comprehensive monitoring in place.
The Financial Stability Board (FSB) has warned that inconsistent global crypto regulation across major economies could pose risks to global financial stability.
This is despite countries like the United States, the European Union and Singapore adopting new frameworks.
In its October 16, 2025 thematic reviewThe FSB said only a few jurisdictions have fully implemented its 2023 recommendations. The recommendation concerns the supervision of cryptoassets and stablecoins.
The findings highlight an uneven global response as digital assets move closer to traditional finance.
The United States takes the lead with GENIUS Act
The report commends the United States for its “material progress” following the passage of the GENIUS Act. The law was signed into law by President Donald Trump in July.
This landmark legislation created the nation’s first federal framework for stablecoins. This required 1:1 U.S. Treasury and liquidity support, strict par redemption rules, and monthly reserve certifications.
The law closely aligns with the FSB’s global standards, including authorization, oversight and transparency. However, it remains US-centric and lacks provisions for cross-border coordination.
Disparate global regulations
Among other leading jurisdictions, the European Union’s MiCA framework, the United Kingdom’s stablecoin regime and Singapore’s MAS rules were cited.
Japan’s Payment Services Act has been touted as an early model for global surveillance. At the same time, Switzerland and Hong Kong have been recognized for their strong licensing systems but incomplete DeFi coverage.
Additionally, the report highlights how global crypto regulation remains uneven despite progress in key jurisdictions.
Additionally, only five jurisdictions have adopted comprehensive frameworks, with 20 more expected to align by the end of 2026.
Uneven global crypto regulation could shake global markets
The FSB, which coordinates financial policy for the G20, IMF and central banks, said fragmented supervision could undermine efforts to preserve global stability as digital assets grow.
The warning comes amid a record $302 billion global supply of stablecoins and continued growth of DeFi.
The report urges governments to speed up licensing, harmonize reserve and repurchase rules and strengthen cross-border cooperation. Furthermore, he calls 2026 a “critical deadline” for achieving global coherence.
Additionally, the FSB urged policymakers to close gaps in global crypto regulation by 2026 to prevent systemic risks.
