According to Reuters, during the SIBOS meeting on Wednesday, the Deputy Governor of Bank of England Jon Cunliffe said that with the rapid growth of the crypto industry and the time required to reach an agreement on the new standard, regulators need to work quickly to develop a set of regulations for cryptocurrencies. 

Cunliffe said: "Regulators internationally and in many jurisdictions have begun the work. It needs to be pursued as a matter of urgency." 

Last week, global regulators proposed that the safeguards that apply to clearing and payment systems should also apply to stablecoins. Cunliffe said the application of crypto technology has limited risks to financial stability at present, but this situation may not last long. 

He added: "bringing the crypto world effectively within the regulatory perimeter will help ensure that the potentially very large benefits of the application of this technology to finance can flourish in a sustainable way."

BY Mary Liu