Global watchdogs flag risks as digital assets move deeper into banking

Homepage > News > Business > Global watchdogs flag risks as digital assets move deeper into banking TL;DR: The FSB urged the G20 to coordinate oversight of stablecoins and AI risks, Australia’s ASIC proposed extending and widening its CFD rules to cover digital-asset settlement, and South Korea’s Jeonbuk Bank reportedly began lending against Bitcoin collateral. Key Takeaways: The FSB told G20 leaders that global stablecoin arrangements are inherently cross-border, while national rules develop at different speeds. The FSB submitted “Sound Practices for the Responsible Adoption of AI” to the G20 as an adaptable toolkit for financial institutions. In 2023-24, 68% of Australian retail CFD traders made a net loss, totaling over AUD 458 million ($319.4 million). ASIC proposes extending its CFD protections for 10 years and covering derivatives settled through digital assets, with feedback open until November 9, 2026. Jeonbuk Bank has reportedly become South Korea’s first commercial bank to accept Bitcoin as collateral for won-denominated corporate loans. South Korea’s Financial Services Commission (FSC) is reviewing a formal market-making system for digital assets. As digital ass...