Global regulators to assess if more crypto safeguards needed

FILE PHOTO: Representations of cryptocurrencies are seen in this illustration, August 10, 2022. REUTERS/Dado Ruvic/Illustration/File Photo

LONDON (Reuters) - More measures may be needed to stop blow-ups at complex crypto firms like FTX from destabilising the wider financial system, the global Financial Stability Board (FSB) said on Tuesday.

The FSB, which groups regulators, central banks and treasury officials from the G20 economies, said turmoil in crypto markets last year when FTX collapsed highlighted how "multifunction" crypto firms, that combine trading and other activities, can exacerbate vulnerabilities.