May 28, 2019

IOSCO published a consultation on issues, risks, and regulatory considerations related to Crypto-Asset Trading Platforms. The report sets out key considerations that are intended to assist regulatory authorities in evaluating Crypto-Asset Trading Platforms within the context of their regulatory frameworks. The comment period for this consultation ends on July 29, 2019.

The primary topics covered in the report include access to Crypto-Asset Trading Platforms, safeguarding participant assets, conflicts of interest, operations of Crypto-Asset Trading Platforms, market integrity, price discovery, and technology. The consultation report outlines risks and issues that have been identified so far and sets out the key considerations that may be relevant for regulatory authorities that are considering the potentially novel and unique issues related to the regulation of Crypto-Asset Trading Platforms. The consultation report focuses on trading of crypto-assets on Crypto-Asset Trading Platforms when a regulatory authority already determined that it has the legal authority to regulate those assets or the specific activity involving those assets rather than analyzing the criteria that is used by regulatory authorities to determine whether a crypto-asset falls within its remit. 

Many of the issues related to the regulation of Crypto-Asset Trading Platforms are common to traditional securities trading venues, but may be heightened by how Crypto-Asset Trading Platforms are operated. Where a regulatory authority has determined that a crypto-asset is a security and falls within its remit, the basic principles or objectives of securities regulation should apply. The report, therefore, sets out that the IOSCO principles and methodology provide useful guidance for regulatory authorities considering the identified issues and risks.

Annex A to the report contains information that many IOSCO members have provided about what they have published with respect to their regulatory framework applicable to the Crypto-Asset Trading Platforms that are within their jurisdiction. In preparing this report, IOSCO also conducted a survey on the Crypto-Asset Trading Platforms regulatory approaches that are currently applied or are being considered in member jurisdictions. Annex B of the report includes a summary of the findings of this survey.


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Comment Due Date: July 29, 2019

Keywords: International, Securities, Crypto Assets, Crypto Asset Trading Platform, Securities Regulations, Cryptocurrency, IOSCO

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