The FSB has published a report on crypto-assets, which will be delivered to G20 Finance Ministers and Central Bank Governors ahead of their meeting in Fukuoka in June 2019.
In particular the report notes:
- the work undertaken by international organisations to address the issues arising from crypto-assets. They are mainly focused on investor protection, market integrity, anti-money laundering, bank exposures and financial stability monitoring.
- that gaps may arise in cases where crypto-assets are outside the perimeter of market regulators and payment system oversight. To some extent, this is due to the nature of crypto-assets, which may have been designed to function outside established regulatory frameworks.
- that regulatory approaches towards crypto-assets vary across jurisdictions; and in some jurisdictions, crypto-assets are banned outright.
- that although assessing the significance of the potential gaps is challenging, a forward-looking approach to monitoring crypto-assets can help provide a basis for identifying potential gaps and areas that should be prioritised.
The report also recommend that the G20 keep the topic of regulatory approaches and potential gaps, under review.