The Financial Stability Board (FSB) could take a leading role in formulating global regulations for cryptoassets, according to its chairman Klaas Knot.
"The FSB is well positioned to take a leading role in shaping a coherent global regulatory framework for cryptoassets," Knot said at the International Swaps and Derivatives Association's annual meeting in Madrid.
The FSB, based in Basel, Switzerland, reports to the Group of 20 largest economies in the world and develops rules to prevent crises like the one in 2008, such as those for large international banks deemed too big to fail.
The Dutch central banker was apparently responding to calls from countries such as the European Union for an international framework for the sector that mirrors the kind of global rules put in place for banks and the financial system after 2008.
The FSB, which warned in February of the risk that a growing and largely unregulated sector could affect investor confidence and financial crime, will issue a report on stablecoins in October. It would join international standard-setters such as the Financial Action Task Force (FATF) and the OECD, each responsible for developing anti-money laundering and tax rules for the sector.
It would not have to start from scratch, Knot said, but would first consider existing laws that already apply to cryptocurrencies.
"This will form the basis for additional work to address risks not covered by these pre-existing standards," he said. "Today's crypto-asset markets do not operate in a lawless environment or in a barren regulatory landscape."
Earlier this month, EU Financial Services Commissioner Mairead McGuinness called for a "global agreement on cryptocurrencies" to protect investors, ensure stability and limit the environmental impact of bitcoin (BTC) mining, and she appears to have found support within the bloc.
Global rules are "the right idea," said EU lawmaker Stefan Berger, architect of the MiCA national crypto law, at an event in Brussels on Monday. "We ultimately need global regulation," he said.