FSB Report on Work of FSB and Standard-Setting Bodies on Crypto-Assets
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
Previous Article
FSI Publishes Report Examining Suptech Experience of Early UsersRelated Insights
|
News
BCBS Finds Liquidity Risk Management Principles Remain Fit for PurposeBCBS completed a review of its 2008 Principles for sound liquidity risk management and supervision. The review confirmed that the principles remain fit for purpose.
January 17, 2019
WebPage
Regulatory News
|
|
News
MAS Guidelines on Risk Mitigation Requirements for OTC DerivativesMAS published guidelines on risk mitigation requirements for non-centrally cleared over-the-counter (OTC) derivatives contracts.
January 17, 2019
WebPage
Regulatory News
|
|
News
HKMA Urges Local Banks to Start Working on FRTB ImplementationHKMA announced that it plans to issue a consultation paper on the new market risk standard in the second quarter of 2019.
January 17, 2019
WebPage
Regulatory News
|
|
News
EBA Finalizes Guidelines for High-Risk Exposures Under CRREBA published the final guidelines on the specification of types of exposures to be associated with high risk under the Capital Requirements Regulation (CRR). The guidelines are intended to facilitate a higher degree of comparability in terms of the current practices in identifying high-risk exposures.
January 17, 2019
WebPage
Regulatory News
|
|
News
BoE Publishes the Schedule for Statistical Reporting for 2019BoE published the updated schedule for statistical reporting for 2019. The reporting institutions use the online statistical data application (OSCA) to submit statistical data to BoE.
January 16, 2019
WebPage
Regulatory News
|
|
News
PRA Delays Final Direction on Reporting of Private SecuritizationsPRA and FCA have delayed the issuance of final direction, including the final template, on reporting of private securitizations, from January 15, 2019 to the end of January 2019.
January 15, 2019
WebPage
Regulatory News
|
|
News
SNB Updates Forms on Supervisory Reporting for BanksSNB published Version 1.7 of reporting forms (AUR_U, AUR_UEA, AUR_UES, AURH_U, AUR_K, AUR_KEA, and AURH_K) and the related documentation for supervisory reporting on an individual and consolidated basis.
January 15, 2019
WebPage
Regulatory News
|
|
News
BCBS Finalizes Market Risk Capital Framework and Work Program for 2019BCBS published the final framework for market risk capital requirements and its work program for 2019. Also published was an explanatory note to provide a non-technical description of the overall market risk framework, the changes that have been incorporated into in this version of the framework and impact of the framework.
January 14, 2019
WebPage
Regulatory News
|
|
News
EBA Single Rulebook Q&A: First Update for January 2019EBA published answers to 13 questions under the Single Rulebook question and answer (Q&A) updates for this week.
January 11, 2019
WebPage
Regulatory News
|
|
News
PRA Proposes to Amend Supervisory Statement on Credit Risk MitigationPRA published the consultation paper CP1/19 that is proposing changes to the supervisory statement (SS17/13) on credit risk mitigation.
January 10, 2019
WebPage
Regulatory News
|
