Klaas Knot - At a cross-roads: the path towards responsible innovation in the crypto-asset ecosystem

As 1 The views expressed in these remarks are those of the speaker in his role as FSB Chair and do not necessarily reflect those of the FSB or its members. [...] The authorities represented at the FSB have taken important steps to effectively regulate crypto- related activities – either through the introduction of new rules or through the enhanced enforcement of existing rules and regulations. [...] As a result, the functioning of MCIs may actually amplify financial vulnerabilities.2 MCIs can also form nodes that link the crypto-ecosystem with the broader economy and investors. [...] In this context, the FSB is doing further work to practically address the cross-border regulatory challenges of stablecoins for EMDEs. [...] The FSB is assessing the financial stability implications of tokenization, although our work is still in the early stages.