Steven Maijoor, a member of the executive board of the Central Bank of the Netherlands, has said that while it would be an "attractive option" to let the cryptocurrency sector collapse, "it is here to stay" despite the difficult market situation.
According to him, representatives of the traditional financial sector and consumers are showing interest in digital assets. This makes it necessary to create a regulatory framework.
Subscribe to our Telegram channel to get daily short digests about events that shape the crypto world
He has added:
"Crypto is here to stay and regulators need to set a path for supervising the sector."
Maijoor has added that despite the measures taken to regulate the industry, digital assets will not be spared from high-risk status in the coming years.
He also chairs the Cryptocurrency Working Group of the Financial Stability Board (FSB). The advisory body announced in December last year a tightening of the regulatory framework amid the collapse of cryptocurrency exchange FTX.