Argentina: Opened consultation on Stablecoin Arrangements on technical standards recommendations

A consultation on “Global Stablecoin” (GSC) arrangements has been opened by the Financial Stability Board. The consultation is accompanied by a consultative document that proposes 10 recommendations to address the challenges raised by GSC arrangements. In particular, the document recommends that authorities: comprehensively regulate GSC arrangements; apply requirements to GSC arrangements on a functional basis and proportionate to their risks; oversight the GSC arrangements across borders and sectors, cooperating internationally; 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. The responses to the consultative document should be forwarded by 15 July 2020.