# Financial Stability Board

> Financial Stability Board (FSB): Financial stability · and explicitly not the privacy body. Region: Global. Privacy with disclosure: Confidentiality is workable so long as the regulated firm can identify parties and disclose on demand.

Part of the Soda Labs Privacy Hub regulation map, which reads the instruments
themselves rather than summarising the summaries: https://www.sodalabs.xyz/privacy-hub/regulation

## Key facts

- Entry type: Regulator or standard-setter
- Region: Global
- Subject: Financial stability · and explicitly not the privacy body
- Authority: FSB
- Stance on on-chain confidentiality: Privacy with disclosure. Confidentiality is workable so long as the regulated firm can identify parties and disclose on demand.
- Tags: financial stability, non-binding, scope exclusion, stablecoins
- Canonical page: https://www.sodalabs.xyz/privacy-hub/regulation/reg-fsb

## What it actually says

Included here mainly to correct a common misattribution. The FSB coordinates national authorities on financial stability, and its 2023 framework is frequently cited in arguments about on-chain surveillance, but it expressly scopes both AML/CFT and data privacy out of its coverage, and its own peer review confirms that anti-money-laundering work sits outside its mandate. What it does ask for is authority access to data from issuers and providers as necessary and appropriate, and cross-border information sharing, with the qualification that data systems must conform to applicable data-retention, security and privacy regulation. Its October 2025 review does treat secrecy and data privacy laws as barriers to cooperation. Traceability rules come from FATF, not from here.

## The instruments that matter

- **Global regulatory framework, 17 July 2023**: high-level recommendations for crypto-asset activities plus revised global stablecoin recommendations
- **Scope exclusion**: the framework does not cover AML/CFT or data privacy, and Recommendation 6 requires data systems to conform to applicable data-retention, data-security and data-privacy regulation
- **Thematic peer review, 16 October 2025**: implementation incomplete and uneven; notes that secrecy or data privacy laws may pose significant barriers to cooperation

## Sources

- [FSB global regulatory framework](https://www.fsb.org/2023/07/fsb-global-regulatory-framework-for-crypto-asset-activities/)
- [Thematic review, October 2025](https://www.fsb.org/2025/10/thematic-review-on-fsb-global-regulatory-framework-for-crypto-asset-activities/)

## Related entries

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- [FATF](https://www.sodalabs.xyz/privacy-hub/regulation/reg-fatf): The source of almost every travel rule on earth