Cryptocurrency Disclosures Coming From The Dutch Central Bank Manager

Dutch central bank supervisory director and Financial Stability Boards (FSB) cryptocurrency Steven Maijoor, head of the working group, stated that despite the recent market downturns, the crypto industry will not collapse on its own and is permanent.

Maijoor argued that seeing the cryptocurrency industry collapse is still an “attractive option”.

Dutch Central Bank Governor Maijoor Calls for Cryptocurrencies to Countries

Speaking at the Bank for International Settlements Summit, Maijoor said that to ensure that consumers and traditional financial institutions can safely participate in the cryptocurrency industry, regulators need to create a way to oversee the industry.

While interest in digital assets and their underlying technology is growing, Maijoor noted that crypto will remain high-risk over the next few years, making regulation and legalization crucial.

Maijoor emphasized that it is not the job of regulators to determine whether crypto will be a successful new technological development, but the focus should be on controlling the negatives and minimizing the harm for consumers.

He also noted that despite countries worldwide taking measures to regulate the industry, crypto will remain high-risk for the next few years.

Maijoor, head of the crypto working group, added that the FSB’s recommendations on global crypto regulatory standards will be published in the summer, following a request for industry and expert input on policy recommendations from October.

Finally, Maijoor stated that countries should be encouraged to implement the rules recommended by the FSB.

*Not investment advice.