Fabio Panetta, European Central Bank Executive Board Member, said that lawmakers around the globe must determine how to regulate cryptocurrency based on possible risks.

Panetta gave a written declaration for the speech to Columbia University Monday. global policymakers had made some progress in addressing regulatory frameworks on digital assets, but “not swiftly enough to keep pace with the emerging challenges.” According to the ECB official, the world needs crypto regulated based on Anti-Money Laundering and Countering the Financing of Terrorism rules of the Financial Action Task Force, strengthening public disclosure and reporting on regulatory compliance from the industry, and setting up “strict transparency requirements” and “standards of conduct.”