After multiple accusations of bad behaviour during the recent turbulent crypto year, international standard-setters called on Monday for stricter rules to protect crypto clients’ assets. They also called on them to avoid conflicts of interest.

The Financial Stability Board, which is a group of regulators from around two dozen countries, including the U.S. and EU, China, and the U.K. published recommendations for “consistent, comprehensive” regulation. The recommendations are based on proposals that were first floated back in October. They aim to prevent the type of behavior alleged by companies like FTX or Celsius.

The document stated that “the events of the last year have highlighted intrinsic volatility and structural vulnerability of crypto-assets, and related players.” It also revealed new norms that could force major crypto conglomerates to separate their activities and functions.

FTX filed for bankruptcy last November and has since been the target of a number of complaints about mismanagement of customer funds. Alex Mashinsky, the former CEO of Celsius and co-founder of the exchange, was arrested on Thursday in New York. He has pleaded guilty to several charges claiming that he misled and manipulated token price for his own personal gain.

The FSB cited the recent collapses of crypto banks and Circle’s USDC stablecoin as well as the temporary de-pegging two months ago of Circle’s USDC stablecoin . It also cited the sudden fall of terraUSD, a stablecoin by Circle, that occurred in May 2022, which heralded a crypto winter.

The major global players have different approaches on how to regulate cryptocurrency. The European Union has created a tailored law called the Markets in Crypto Assets Regulation (MiCA), while the U.S. Securities and Exchange Commission is trying to claim that it can use existing rules designed for traditional financial products.

Officials are keen to emphasize continuity, even though the FSB principles should theoretically be flexible enough to accommodate both approaches.

John Schindler, Secretary General of the FSB, told reporters that “this global framework doesn’t rewrite or create a new regulatory rulebook completely for crypto assets.” “Crypto assets are not as distinct from traditional financial activities, as some would like us to believe. Similar rules should apply.”

He added: “While jurisdictions are working to implement these standards we encourage all crypto asset players to begin to comply with the basic expectations and standards right away.”

The final recommendations are the result of a consultation where traditional finance companies called for tighter crypto controls while Binance and Coinbase warned that stricter rules would limit innovation.