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July 16, 2018

FSB published a report summarizing the work of FSB and other standard-setting bodies on crypto-assets. The report was delivered to the G20 Finance Ministers and Central Bank Governors.

While FSB believes that crypto-assets do not pose a material risk to global financial stability at this time, it recognizes the need for vigilant monitoring in light of the speed of market developments. Key highlights of the work of standard-setting bodies are as follows: 

  • FSB developed a framework, in collaboration with CPMI, to monitor the financial stability implications of developments in crypto-asset markets. The framework sets out the metrics that FSB will use to monitor crypto-asset markets as part of its ongoing assessment of vulnerabilities in the financial system. The framework also includes metrics on trading volumes, pricing, clearing, and margining of crypto-asset derivatives. Metrics on exposures will become part of the framework to the extent that they become available.
  • CPMI conducted significant work on applications of distributed ledger technology and is conducting outreach, monitoring, and analysis of payment innovations.
  • IOSCO established an initial coin offering (ICO) Consultation Network to discuss experiences and concerns about ICOs. It is developing a Support Framework to assist members in considering how to address domestic and cross-border issues stemming from ICOs that could impact investor protection. IOSCO is also discussing other issues around crypto-assets, including, for example, regulatory issues around crypto-assets platforms.
  • BCBS is assessing the materiality of banks’ direct and indirect exposures to crypto-assets, clarifying the prudential treatment of such exposures, and monitoring developments related to crypto-assets for banks and supervisors.

FSB Chair Mark Carney in his letter to G20 Finance Ministers and Central Bank Governors, in March 2018, noted that crypto-assets raise a host of issues around consumer and investor protection, along with their use to shield illicit activity and for money laundering and terrorist financing. The Financial Action Task Force will report separately to the G20 on its work concerning the money laundering and terrorist financing risks related to crypto-assets.

 

Related Links

Keywords: International, Securities, Banking, Crypto-Assets, Initial Coin Offerings, DLT, CPMI, IOSCO, BCBS, FSB

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