The WFE welcomes the direction of travel set out by IOSCO in the consultation on regulating crypto-assets. In this response, we suggest that the proposal should also differentiate between tokenised traditional assets and crypto-assets, as they present different risks. The WFE also points out that the proposed recommendations do not define what a crypto-asset is, making it challenging to apply corresponding regulations. We strongly support the principle of 'same risk, same regulation' to minimise failures. Furthermore, we encourage IOSCO to recommend utilising all available tools to promote traditional financial market participants' involvement in the healthy development of the crypto ecosystem in different jurisdictions. In the response, we also highlight the unique technology/cyber/operational risks associated with public DLT and the need for proper risk assessments and disclosure.