Bank of England (Boe) Governor Andrew Bailey has been nominated to be the next chairman of G20’s financial supervisor, Financial Stability Board (FSB).

The FSB’s nomination committee agreed to recommend that Bailey assumes the role of a three -year period from early July, it said in a statement Monday.

The group of thieves (G20) was tasked with coordinating the delivery of a regulatory framework for crypto assets. In July 2023, FSB completed its recommendations for regulating crypto assets and global stablecoin events, “which have characteristics that can make threats to financial stability more emergency,” the body’s website said.

Bailey is currently chairman of the FSB’s Standing Committee on Supervisory and Legislative Cooperation. In this position, Bailey monitored the development of FSB’s global regulatory framework for crypto-active activities and crypto-active implementation cards.

“Andrew has a tested track record to promote cooperation after led the recent key FSB reform initiatives, including on crypto assets and non-bank financial dissemination,” Klaas Knot, president of De Nederlandsche Bank and President of FSB, said in the statement. “This positions him well to guide FSB forward with a focus on ensuring a successful implementation of agreed reforms.” Knots period as FSB chair ends in June.

Since Bailey became governor of Boe in 2020, the central bank has led a number of crypto and digital work. Boe is currently exploring a digital pound and is looking to regulate stableecoins – tokens tied to other assets – that may affect economic stability. Last year, it said it would execute a number of central banks digital currency and distributed headbox experiments.