The financial stability Board (FSB), the organization that advises the countries of the Big twenty on world financial systems, introduced rules for monitoring cryptocurrency assets. The document contains a number of indicators on the basis of which the FSB will monitor developments in the cryptocurrency markets and “will help to identify and reduce risks for users, as well as to protect investors, market integrity and financial stability.”

A new set of rules and commentary were published on Monday 16 July, and submitted to the Ministers of Finance and heads of Central banks of the countries participating in the G20.

According to the document, in the monitoring center of the FSB will be the price volatility of crypto-currency assets, the potential of digital currencies in payment systems and financial institutions, the scale and growth of the ICO projects, as well as the volatility of this market compared to gold, Fiat currencies and shares.

In addition, the financial stability Board, chaired by the Governor of the Bank of England, mark Carney, will periodically produce reports to enhance market confidence.

Representatives of the Council explained:

Although the FSB believes that cryptocurrency assets in real time do not bear the actual threat to global financial stability, he recognizes the need for vigilant monitoring in light of rapid market development.

The Council report says that along with the FSB and other international Supervisory authorities increase efforts to monitor different areas of the cryptocurrency industry.

For example, the international organization of securities commissions, composed of national regulatory authorities, is currently developing its own set of rules in order to help the member countries in analysing the impact of local and foreign investors in ICO.

Meanwhile, the Basel Committee on banking supervision (BCBS) collects data on the direct and indirect interaction of banks-participants with cryptocurrencies, trying to assess the potential impact of this technology.

The FSB report arose following the meeting of the G20 in March of this year, where there were calls for a global settlement of the cryptocurrency. Then, the participating countries agreed that they need initial recommendations about what data to use for monitoring cryptocurrency sphere and called July the deadline for completing this task.