Klaas Knot, chairman of the Financial Stability Board (FSB), said the FSB will complete its guidance on regulating cryptocurrencies and stablecoins by July, which aims to strengthen the stablecoin governance framework, redemption and stability mechanisms. According to Klaas Knot, many existing stablecoins do not comply with the upcoming international norms. The FSB said last week that it will work with other standard-setting bodies to determine how DeFi should be regulated, and also plans to publish a document with the International Monetary Fund (IMF) on regulatory issues related to cryptocurrencies.