Global regulation of cryptocurrencies should be comprehensive, consistent and coordinated, the International Monetary Fund (IMF) said Thursday. 

Noting that crypto assets and associated products and services have grown rapidly in recent years, the international financial institution said interlinkages with the regulated financial system are increasing.

"Policymakers struggle to monitor risks from this evolving sector, in which many activities are unregulated. In fact, we think these financial stability risks could soon become systemic in some countries," it said. "Uncoordinated regulatory measures may facilitate potentially destabilizing capital flows.”

The IMF listed challenges in the crypto market, including identification, monitoring, operational and financial integrity risks, and inadequate reserves and inaccurate disclosure for some stable coins.