Argentina: Published Report on Stablecoin Arrangements containing technical standards recommendations

A report on Regulation, Supervision and Oversight of “Global Stablecoin” Arrangements has been published by the Financial Stability Board, on the basis of the public consultation conducted from April to July 2020. The document recommends that authorities: comprehensively regulate GSC arrangements; apply requirements to GSC arrangements on a functional basis and proportionate to their risks; coordinate internationally for the GSC oversight; allocate the regulators' accountability in a clear way; monitor that effective risk management frameworks are in place, especially as concerns reserve management and cyber security safeguards; monitor the systems to safeguard the treatment of data; control the GSC arrangements' recovery and resolution plans; monitor the provision of transparent information to GSC users; promote legal clarity towards users; ensure that GSC arrangements meet all applicable regulatory, supervisory and oversight requirements of the jurisdiction.