The Financial Stability Board has published a report on the risks associated with crypto assets and called for the development of global standards for the provision of data on the cryptocurrency market.
The Financial Stability Board has published a report titled “Assessing Financial Stability Risks from Crypto Assets”. The study details a range of financial risks associated with various cryptocurrencies, as well as industry sectors, private digital currencies, stablecoins and DeFi.
In particular, experts describe the risks that some stablecoins carry, which pose a serious threat to the stability of the entire cryptocurrency ecosystem, as well as the risks associated with the rapid introduction of DeFi, a potential increase in the participation of the banking sector and other factors.
The researchers emphasized that it is currently impossible to provide a full quantitative assessment of all risks, since there is no completely transparent data on the cryptoasset markets and their links with the traditional financial system. In addition, experts reported that it is impossible to determine the identity of users conducting transactions with cryptocurrencies.
There are many gaps in the information available, and the indicators that are available are quickly updated and out of date. Therefore, experts believe that it is necessary to develop global standards for providing data on the cryptocurrency market.
Last fall, the Financial Stability Board published data on the progress of 48 countries in respect of compliance with stablecoin regulation recommendations, according to which the G20 countries are still at an early stage of developing rules.
Source: Bits

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