🚀 The Financial Stability Board (FSB) has proposed new crypto guidelines, including a demand for stablecoin issuers to obtain local licenses before operating in a jurisdiction. The FSB's recommendations also include a "governance framework" for global stablecoin (GSC) providers, compliance with the Financial Action Task Force's "travel rule," and data management systems. Algorithmic stablecoins face de-facto prohibition, and reserve assets backing stablecoins should exclude "speculative and volatile" assets. The FSB's recommendations could lead to market disruption and regulatory arbitrage.