The International Monetary Fund, or IMF, has pointed to the collapse of FTX as well as “turmoil” in the banking sector in its calls for regulation of digital assets.
In its Global Financial Stability Report released on April 11, the IMF renewed calls for “comprehensive and consistent regulation and adequate supervision” following the failures of cryptocurrency firms including FTX as well as the subsequent collapse of crypto-friendly banks, including Silicon Valley Bank and Signature Bank (OTC:SBNY). According to the financial agency, regulation for entities in the crypto asset ecosystem — with “strict prudential requirements” for stablecoin issuers — should include the storage, transfer, exchange, and custody of reserves for digital assets.