Privacy laws hinder cross-border crypto regulation: G20 risk watchdog

The Financial Stability Board (FSB), the G20's risk watchdog, has identified significant challenges in regulating the global cryptocurrency market, particularly concerning cross-border cooperation. A key issue highlighted in its peer review report is that data privacy and secrecy laws in various jurisdictions restrict the ability of local companies to share necessary data with foreign regulators. This barrier impedes the identification of systemic risks and leads to delays or discouragement of cooperation arrangements. Furthermore, the FSB noted that regulatory data sources are often incomplete, forcing authorities to rely heavily on commercial or fragmented data, a problem that has shown little improvement over the last four years. The watchdog suggests that addressing these data challenges is crucial for fostering more effective global crypto regulation.

(Source：Cointelegraph)