Recent market turmoil has given the Financial Stability Board (FSB) “all the more reason” to develop a globally consistent regulatory framework, an official said on Thursday, Coindesk reports.

The international body monitors and recommends standards for the global financial system, and is made up of major economies and institutions like the International Monetary Fund (IMF).

Steven Maijoor, chair of the Financial Stability Board’s crypto working group, said:

Rapid growth of crypto markets in the presence of structural vulnerabilities and incomplete regulations and supervision means that they will soon reach a point where they represent a threat to the stability of the global financial system

The international body monitors and recommends standards for the global financial system, and is made up of major economies and institutions like the International Monetary Fund (IMF).

Read full article on Coindesk.