Dutch central bank calls for regulation of cryptocurrencies

While it might be an ‘attractive option’ to let the crypto industry crash, it won’t go away, despite difficult market conditions. This view was expressed by Stephen Maijoor, a member of the Executive Board of the Dutch central bank, reports The Block.

According to him, representatives of the traditional financial sector and consumers are showing interest in digital assets. This makes the creation of a regulatory framework necessary, Maijoor noted.

«Cryptocurrency won’t go away, and regulators must pave the way for oversight of the sector»,

The official added that despite the measures being taken to regulate the industry, in the coming years digital assets will not shed their high-risk status.

Maijoor also chairs the Crypto Assets Working Group of the Financial Stability Board (FSB) at the G20. In December 2022 the advisory body announced a tightening of the regulatory framework in the wake of the collapse of FTX.

Previously the FSBconcluded that none of the existing stablecoins meets the standards set for digital assets by the central banks of the world’s largest economies.

Back in March 2023, the Netherlands Authority for the Financial Markets said it would take a hard line on ensuring compliance with the EU’s new crypto-asset rules.