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G20 watchdog warns of “significant gaps” in global crypto regulation amid market surge

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The Financial Stability Board (FSB), the G20’s top financial risk regulator, has warned that major gaps persist in global cryptocurrency regulation, raising concerns that unchecked growth in digital asset markets could pose risks to financial stability.

In its review published Thursday, the FSB said that while progress has been made since its 2023 recommendations, regulatory frameworks remain “fragmented, inconsistent, and insufficient” to address the cross-border nature of crypto markets. The watchdog found that financial stability risks from crypto are limited for now, but are rising sharply as the global crypto market has doubled to $4 trillion over the past year, driven by surging bitcoin prices and a wave of new investors.

“These crypto assets can move across borders very easily, much more easily than other financial assets,” said John Schindler, the FSB’s secretary general, calling for stronger global cooperation.

One of the key weaknesses identified was the lack of clear and comprehensive rules for stablecoins, digital tokens typically pegged to the U.S. dollar. The market for stablecoins has grown by nearly 75% over the past year, reaching $290 billion, yet few countries have introduced complete regulatory frameworks.

The report examined 29 jurisdictions — including the U.S., EU, Hong Kong, and the UK — but noted uneven implementation and limited coordination, especially with countries such as El Salvador, which did not participate despite being home to Tether, the world’s largest stablecoin.

The FSB urged governments to accelerate rule-making and improve cross-border cooperation, warning that non-aligned jurisdictions could create regulatory blind spots. “Even if countries have their own rules, crypto companies operating offshore can still affect their markets,” Schindler said.

The warning follows recent market turbulence, including the largest crypto crash in history last week that triggered nearly $20 billion in liquidations, reviving fears of contagion risks.

Global regulators step up oversight of AI risks in finance

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Global financial watchdogs are intensifying their scrutiny of artificial intelligence (AI) in the banking sector, warning that heavy reliance on shared AI systems could threaten financial stability. As the use of AI accelerates across global markets, regulators are moving to monitor systemic risks and strengthen their own technological capabilities.

In a report published Friday, the Financial Stability Board (FSB) — which advises G20 governments — said widespread adoption of the same AI models and infrastructure could create “herd-like behaviour” across financial institutions. “This heavy reliance can create vulnerabilities if there are few alternatives available,” the FSB cautioned, warning that such concentration could amplify shocks during market stress.

A separate study by the Bank for International Settlements (BIS) urged regulators and central banks to “raise their game” in monitoring and using AI. The BIS said authorities must not only understand AI’s potential to reshape markets but also adopt the technology themselves to improve supervision and data analysis.

The report comes amid an international race — led by the United States and China — to dominate next-generation AI tools and applications, including those that underpin financial services.

While the FSB said there is currently “little empirical evidence” that AI-driven correlations have directly impacted market outcomes, it warned that AI could increase exposure to cyberattacks and algorithmic fraud.

Some jurisdictions have already acted. The European Union’s Digital Operational Resilience Act (DORA), which took effect in January, establishes new rules for digital and AI-based systems used by financial institutions.

The emerging consensus among regulators is clear: AI promises efficiency and insight, but without vigilant oversight, it could become a new source of systemic risk in global finance.

Viola Davis Leads G20 Thriller Set to Premiere on Prime Video in April 2025

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The much-anticipated action thriller G20, starring Academy Award winner Viola Davis, is gearing up for its global release on Prime Video. Set to premiere on April 10, 2025, the film features Davis in the role of U.S. President Danielle Sutton. When an unexpected attack shakes the annual G20 summit, the event quickly spirals into a tense struggle for survival. President Sutton, who must confront this unprecedented crisis, navigates a high-stakes situation that threatens not only her own life but the safety of global leaders and the future of her country. Her mission to protect her family and nation amid the chaos forms the crux of this gripping thriller.

The film will be available to stream worldwide across 240 territories from the moment it debuts on April 10, offering global access to the action-packed drama. As part of Prime Video’s commitment to delivering high-quality, impactful content, G20 aims to provide an immersive cinematic experience to audiences everywhere. The film’s simultaneous global release reflects the growing trend of major films premiering on streaming platforms, allowing for a broad and inclusive viewing experience for all.

In the official trailer for G20, the action intensifies as President Sutton is forced to survive the aftermath of a shocking assault on the summit. As the world watches, Sutton’s personal and political worlds collide, adding layers of complexity to her fight for survival. The trailer promises heart-pounding action sequences alongside emotionally charged moments that explore the human side of leadership. Viewers are given a glimpse into Sutton’s determination as she balances the responsibilities of her role and the desire to protect her loved ones, making her journey one of suspense, resilience, and inner strength.

With its mix of action, suspense, and personal drama, G20 is poised to captivate audiences. The stakes are high, and as the plot unfolds, it becomes clear that this is more than just a political thriller—it’s a story of survival, leadership, and sacrifice. Fans of action-packed thrillers and powerful performances will find much to appreciate in Davis’s portrayal of a president facing her greatest challenge yet.