On 16 February 2022, the Financial Stability Board (FSB) published an assessment of risks to financial stability from crypto-assets.
The authors of the report take a look at three segments of the crypto-asset markets: unbacked crypto-assets (such as Bitcoin), stablecoins, as well as decentralised finance (DeFi) and other crypto-asset trading platforms. According to the FSB, the crypto-asset market, due to its scale, structural vulnerabilities and increasing interconnectedness with the traditional financial system, may represent a threat to financial stability. The rapid evolution and international nature of crypto-asset markets may also give rise to regulatory gaps between countries. This is why the authors of the report call for appropriate steps to mitigate the risks to financial stability.
Source: https://www.fsb.org/2022/02/assessment-of-risks-to-financial-stability-from-crypto-assets/