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    IOSCO Sets Out Crypto-Asset Roadmap for 2022-23

    July 08, 2022

    The International Organization of Securities Commissions (IOSCO) and the Committee on Payments and Market Infrastructures (CPMI) published a report to assess the implementation the Principles for Financial Market Infrastructures (PFMI) in Turkey. In addition, the Fintech Task Force of IOSCO has set out its crypto-asset roadmap for 2022-23.

    The crypto-asset roadmap prioritizes policy-focused work, which is to be divided in two workstreams: the crypto and digital assets (CDA) and the decentralized finance (DeFi). Both workstreams will primarily focus on analyzing and responding to market integrity and investor protection concerns within the cryptoasset space. The working group on crypto and digital assets, led by the UK Financial Conduct Authority (FCA), will focus on issues related to fair, orderly trading, transparent markets, suitability and market manipulation, and safekeeping, custody, and soundness. The work involves consideration of potential taxonomies of various activities, an assessment of the emerging risks, and the different legal or regulatory considerations in each jurisdiction. The CDA working group will aim to deliver a public report with proposed policy recommendations in 2023. As part of the second workstream, the working group on DeFi, led by the U.S. Securities and Exchange Commission (SEC), will develop a shared understanding among IOSCO members of emerging DeFi trends and risks while providing guidance to IOSCO members on how to manage these risks within their regulatory frameworks. The DeFi working group will also examine how IOSCO principles and standards could apply to common activities, products, and services in DeFi. The group will further explore and highlight the links between DeFi, stablecoins, and crypto-asset trading, lending and borrowing platforms, and the interactions of DeFi with broader financial markets. The DeFi working group will also aim to deliver a report with policy recommendations in 2023.

    The report on PFMI assessment in Turkey presented the conclusions drawn by the CPMI and IOSCO from a level 2 assessment of whether, and to what degree, the legal, regulatory and oversight framework for financial market infrastructures in Turkey (including rules and regulations, any relevant policy statements, or other forms of implementation) are complete and consistent with the Principles for financial market infrastructures (PFMI). The review found that the frameworks for systemically important payment systems and securities settlement systems are complete and consistent with the PFMI. For the central counterparties (CCPs), the Principles have been implemented in a consistent or broadly consistent manner, except Principle 9 on money settlements and Principle 19 on tiered participation arrangements. For central securities depositories and trade repositories, the review found a number of material gaps in relation to the Principles.

     

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    Keywords: International, Europe, Turkey, Banking, Securities, Digital Assets, Decentralized Finance, DeFi, Stablecoins, Regtech, Fintech, PFMI, FMI, Level 2 Assessment, Implementation Monitoring, Systemic Risk, Crypto-Assets, Lending, Lending Marketplace, CPMI, IOSCO

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