FSB weighs options for tackling rise of non-banks

Randal Quarles says strict regulation necessary if crypto assets such as Libra are used widely

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The FSB is treating the rise of non-banks as a key vulnerability

The Financial Stability Board is weighing up how best to respond to the rapid rise of non-banks in the global financial system and new forms of technology such as crypto assets.

Non-banks now account for nearly half of outstanding financial assets. In a letter to G20 leaders, who met this week in Osaka, FSB chair Randal Quarles said the organisation would weigh up whether new tools are needed and would design a framework to add rigour to its own surveillance.

“We are continuing to study the

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