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Supranational stablecoin regulation: IOSCO, FSB, FATF and CPMI‑IOSCO PFMI standards for payments, e‑money and AML/CFT

Practice notes
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Background to this Practice Note

In this Practice Note, the term ‘cryptoasset’ describes a digital form of value or rights that can be transferred and stored electronically using distributed ledger technology or similar technology. It may cover:

  • payment tokens (a means of exchange or payment)
  • investment tokens (with attached profit rights)
  • utility tokens (providing access to a particular product or service)

A ‘stablecoin’ is a kind of cryptoasset whose value is linked to an external asset, such as fiat currency or gold, to steady the price, or one whose value is set by an algorithm.

Supranational stablecoin initiatives

IOSCO report on stablecoins

On 24 March 2020, the International Organisation of Securities Commissions (IOSCO) published a report on global stablecoin initiatives, identifying their potential implications for securities markets regulators. The report reviewed the regulatory issues arising from the use of stablecoins and considered how existing IOSCO Principles and Standards could apply to these arrangements. It concluded that, depending on its structure, a global stablecoin may fall within securities market regulatory frameworks. Whether IOSCO Principles and Standards are relevant to stablecoins depends on the specific design of each initiative and its legal...

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Web page updated on 22/05/2026

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