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The market for cryptoassets isn’t yet large enough to threaten global financial stability but policy-makers must remain vigilant given the sector’s growth, says a report published Wednesday from the Financial Stability Board (FSB).

The report sets out the FSB’s assessment of the potential implications for financial stability due to the rise of cryptoassets. It highlights the primary risks of these markets as low liquidity, leverage, high volatility, and operational risks. “Based on the available information, cryptoassets do not pose a material risk to global financial stability at this time,” the FSB says in a news release.

At the same time, “vigilant monitoring is needed in light of the speed of market developments,” says the FSB. It cautions that cryptoassets could have implications for financial stability in the future.

“Such implications may include: confidence effects and reputational risks to financial institutions and their regulators; risks arising from direct or indirect exposures of financial institutions; risks arising if cryptoassets became widely used in payments and settlement; and risks from market capitalisation and wealth effects,” the FSB says.

Additionally, the report notes that cryptoassets pose other policy concerns, such as the need for consumer and investor protection; money laundering risks; tax evasion; circumventing capital controls; and concerns relating to use in illegal securities offerings.