The President of Asian Development Bank Masatsugu Asakawa, Japan's Deputy Minister of Finance Masato Kanda, United Arab Emirates' Minister of Finance Mohamed Al Hussaini, Australia's Treasurer Josh Frydenberg, Indonesia's Minister of Finance Sri Mulyani, Indonesia's Central Bank Governor Perry Warjiyo, Italy's Central Bank Senior Deputy Governor Luigi Federico Signorini, Chairman of Financial Stability Board Klaas Knot, South Africa's Central Bank Governor Elias...
"The fact that crypto-assets underpinning much of DeFi lack inherent value and are highly volatile magnifies the impact of these vulnerabilities when they materialise, as recent incidents demonstrate," the FSB said in a report to ministers from the Group of 20 major economies meeting next week. The collapse of FTX last November exposed vulnerabilities in intermediaries and DeFi, the report said.
Some DeFi arrangements may be"purposefully" cross-border to exploit gaps in supervision, hence the need for international coordination, it added.