The principles that we have proposed are high-level – which means that they can be flexibly applied by national authorities and can be adapted as the market further evolves. Third, while the FSB work has focused on the financial stability implications of cryptoasset markets, there are of course also other policy goals that warrant attention from regulators.
Currently, we see wide-spread fraud and malicious behaviour in the cryptoecosystem. So market integrity, consumer and investor protection, as well as AML/CFT, should also be on regulators' agendas. And not only on theirs, also on the agenda of crypto-service providers. Indeed, the industry needs an increased 'risk consciousness' and to build up its resources to monitor and mitigate all kinds of financial risk.