Let me touch upon three elements that are important for the way forward. First, the FSB is well-aware that the cross-border nature of crypto-assets poses an obvious challenge for national supervisors. Inherently cross-border activities, like those conducted in the crypto-ecosystem, require a regulatory response that is coordinated across borders. And this is exactly what the FSB has been working on.
Regulators and supervisors will not only need to work together across borders, but also across sectors. All kinds of activities can be found in crypto-asset markets: lending, deposit-taking, and insurance, to name a few. At the same time, financial supervision is often organized across different sectoral authorities with different mandates. Meanwhile, cross-border collaboration is still too often organized along sectoral lines.