Just banning cryptocurrency won't eliminate its risks, a joint policy roadmap published by global standard setters Thursday said.

The policy paper, commissioned by the intergovernmental forum G20 under India’s leadership, combines norms set by the Financial Stability Board (FSB), the International Monetary Fund (IMF) and other international standard-setters for the crypto sector in one report, which found “comprehensive regulatory and supervisory oversight of crypto-assets should be a baseline to address macroeconomic and financial stability risks.”

The IMF-FSB synthesis paper is set to be presented to the G20 this weekend and is part of a series of efforts by international bodies to introduce global norms for the industry, particularly following the numerous crypto enterprise collapses of 2022.

To tackle macroeconomic risks from crypto, the report says jurisdictions should “strengthen monetary policy frameworks, guard against excessive capital flow volatility and adopt unambiguous tax treatment of crypto.”

Thursday’s report reiterated the IMF’s stance that crypto blanket bans may not help in mitigating associated risks and added that targeted restrictions might come in handy for emerging economies in particular.

Countries like India have raised concerns about the enhanced threat from widespread crypto use to monetary policy in emerging economies, and have called for policy bodies to recommend stronger prohibitions or address those specific concerns.