A Systemic Risk Board is a governmental or intergovernmental body charged with identifying and mitigating threats to the stability of the broader financial system. Its purpose is to prevent widespread financial crises by monitoring macroeconomic and financial sector vulnerabilities. This board typically advises on policies and regulations to safeguard against systemic shocks. It plays a critical role in maintaining overall financial health.
Context
In the context of digital assets, a Systemic Risk Board would assess the potential for large-scale cryptocurrency markets or stablecoins to pose risks to traditional financial stability. News often reports on such boards issuing warnings or recommendations regarding digital asset regulation. Their assessments are crucial for informing policy decisions aimed at managing the intersection of the digital economy with established financial systems.
The ESRB report signals a decisive EU pivot from micro-level conduct oversight to systemic risk management, forcing CASPs to immediately de-list non-MiCA stablecoins.
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