This report sets out the analysis behind the Financial Stability Board’s (FSB) proactive assessment of the potential implications of crypto-assets for financial stability. The report follows up on the initial assessment set out in the FSB Chair’s March 2018 letter to G20 Finance Ministers and Central Bank Governors, and the summary of the work of the FSB and standard-setting bodies on crypto-assets the FSB published in July. The report concludes that, based on the available information, crypto-assets do not pose a material risk to global financial stability at this time. However, monitoring is needed in light of the rapid market developments.

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