The World Federation of Exchanges (WFE), representing established and regulated exchanges, appreciates the opportunity to provide input on the formation of a new regulatory framework for crypto-assets. The WFE focuses on matters pertaining to trading venues and trading. While recognising the potential benefits of technological innovation like distributed ledgers, such as lower costs, faster transactions, improved transparency, and audibility, recent incidents, including the collapse of FTX, highlight the need for regulation in the crypto-sector. These issues resemble failures seen in traditional finance, emphasising the importance of mitigating risks through regulation. The WFE strongly supports the principle of applying the same regulation to mitigate risks across different sectors.