According to an official, the recent market turmoil has given the Financial Stability Board (FSB) “all the more reason” to develop a globally consistent regulatory framework. The international body, comprised of major economies and institutions such as the International Monetary Fund, monitors and recommends standards for the global financial system (IMF). The rapid growth of crypto markets, combined with structural vulnerabilities and insufficient regulations and oversight, means they will “soon reach a point where they represent a threat to the stability of the global financial system,” according to Steven Maijoor, chair of the FSB’s working group on crypto assets.
