The loss of $2 trillion of crypto market cap over a period of months has “underscored the need for enhanced regulation,” the Financial Policy Committee said.
The European Systemic Risk Board is looking into measures and policies to address the potential threat that crypto assets could present to the global financial system.
The advice comes from those who participated in a forum the Financial Conduct Authority held to hear from the digital assets industry.
Not all countries “play nicely” with each other, complicating how central bank digital currencies will interact with other payment systems, said Cecilia Skingsley, first deputy governor at the Swedish central bank.
The downturn can help weed out shady characters and doomed ventures, a number of officials and entrepreneurs said at a forum in Zurich last week.
The Monetary Authority of Singapore will be "brutal and unrelentingly hard," the central bank's chief fintech officer said.