China’s central bank has called on global financial authorities to regulate the digital asset and decentralized finance (DeFi) markets in its recent financial stability report. The People’s Bank of China released a report on Dec 22 highlighting a regulatory pathway for local and international financial watchdogs to roll out new rules, and policies in a bid to protect investors and all stakeholders in the market. According to the report, virtual assets account for 1% of the world’s entire financial market with a limited relationship with traditional finance, analysts wrote while seeking a global approach to stability.
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