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Cryptoassets hold out the illusory appeal of being a simple and quick solution for financial challenges in EMEs. They have been promoted as low-cost payment solutions, as alternatives for accessing the financial system and as substitutes for national currencies in countries with high inflation or high exchange rate volatility. However, cryptoassets have so far not reduced but rather amplified the financial risks in less developed economies. Therefore, they should be assessed from a risk and regulatory perspective like all other assets. This will become even more pressing if cryptoassets are more widely adopted by retail investors and if links with the traditional financial system increase.