The Financial Stability Board (FSB) has advocated for the development of a global standard for crypto regulation.
According to the FSB, states wishing to legalize the industry will be able to rely on such a standard when forming their own regulatory framework.
The agency has acknowledged that over the past few years, the cryptocurrency market has expanded significantly. According to it, there are similar developments in the industry as DeFi and NFT.
According to the FSB, the industry needs regulation as turbulence in this segment of the economy could undermine the stability of the global financial sector.