@BOMBERuss 15 May 2022 more from that month

The governor of the Bank of Spain (VE) and a member of the Basel Committee on Banking Supervision (BCBS) urged not to wait until the crypto industry grows and will pose a danger to the financial system. Pablo Hernández de Cos delivered a keynote address explaining how issues of digital asset regulation should be addressed. Speaking at the annual general meeting of the International Swaps and Derivatives Association (#ISDA), the official said that the #cryptocurrency and decentralized finance (#DeFi) industry needs to be brought into compliance with the legislation immediately. Hernandez de Cos issued a warning: if the world's banks and regulators do not pay due attention to this right now, the industry will grow and greatly affect the financial stability of the economic system. "Despite its phenomenal growth and popularity, the crypto industry still accounts for only 1% of the total volume of global financial assets, and the direct risks of banks are relatively small today. However, experience shows that such markets are able to grow rapidly and create risks for individual banks and overall financial stability," the VE manager said.