The G20’s Financial Stability Board warned that global regulation of cryptocurrencies remains fragmented, exposing systemic vulnerabilities. It flagged “significant gaps” in how jurisdictions handle stablecoins, leverage, and cross-border oversight. The crypto market has ballooned to ~$4 trillion, pushing regulators to call for harmonization. The FSB urged stronger cooperation and consistency, particularly as recent volatility and institutional participation intensify the risks. Stablecoin frameworks and transparent data access are central to its recommendations.