The Financial Stability Board (FSB) will develop new rules for the cryptocurrency industry. This was stated by the head of the organization and the head of the Dutch Central Bank, Klaas Knot.

He expressed his concerns that the rapidly expanding cryptocurrency industry could harm the global currency ecosystem in the future.

“From a consumer and investor protection perspective, the loss of confidence in digital assets could have system-wide repercussions due to its impact on the broader financial markets and wealth of asset holders,” the official said.

Knot believes the war between Russia and Ukraine has reinforced pre-existing fears about the growth of potential illegal use of digital assets for money laundering, cybercrime and ransomware.

At the same time, some of the cryptocurrency ecosystem is still unregulated, making it difficult to monitor and regulate the industry.

“For these reasons, working on a policy on crypto assets is a priority for the FSB,” Knot said.

It has set as one of its main goals the creation of comprehensive rules in the market, especially with regard to “unsafe” cryptocurrencies and stablecoins. The FSB will also develop a regulatory framework for the DeFi industry. FATF.

Recall that the FSB called in February to standardize the assessment of risks associated with cryptoassets.