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Cryptoasset Policymaking V2 17.09.2022.pdf
1.
2. Cryptoasset Policymaking &
The Future of Global Economy
What went well, what didn't go well, and what
can we do better?
Prasanna Lohar , CEO Block Stack | President , India Blockchain Forum
5. 06
02
01
Lower Transaction Cost
03
04
No Need of Physical
Infrastructure
05
No geographical barriers enable global financial
inclusion
The transactions are
decentralized
Eliminates the risk of
fraud and corruption
CRYPTO ASSET MOMENTUM
6. RISE OF BITCOIN SINCE 2008 17K CRYPTOCURRENICES PARALLEL ECONOMY
INDIA STORY @ DIGITAL RUPEE
ROLE OF
BANKING INTERNATIONAL SETTLEMENT
RISE OF NFT , DEFI , METAVERSE
& BANK INVOLVEMENT
DEFI
METAVERSE
FINANCE DISRUPTIONS….
7. SET-BACKS IN CRYTO-WORLD
Scalability &
Security
Thefts
Global
Acceptance
Regulation
Too
many
Cryptos
Conflict
with
SDGs
Market
Crash
Volatility &
Speculation
s e.g.
Dogecoin
3000+ Failed &
vanished
KYC , Tax Evasion,
Money laundering ,
Loss of Data
Ponzi , Scams ,
Terra Luna,
Crypto.com, Qubit
QBridge Hack
Many Counties
are prohibiting
8. POSITIVES … IN CRYPTO WORLD
Technology
Global
Acceptance
Regulation
CBDC NFT and
Metaverse
Boom
Investments
Investors ,
Institutes are
funding for
Projects
9+ Countries are
Live
Global Entities
coming together
Improvements e.g
Forking , Merge Small Countries
e.g. UAE , Malta
, Singapore
9. In a system where so many new,
previously non-financial, players are
becoming instrumental in offering
financial services, how are we, as
financial supervisors, going to ensure
that the financial system remains
robust and consumers stay safe ?
10. INTERNATIONAL MONETARY FUND
(IMF)
WORLD ECONOMIC FORUM
ORGANIZATION FOR
ECONOMIC CO-OPERATION
AND DEVELOPMENT (OECD)
INTERNATIONAL
ORGANIZATION OF SECURITIES
COMMISSIONS (IOSCO)
THE FINANCIAL STABILITY
BOARD (FSB)
EUROPEAN SYSTEM OF
CENTRAL BANKS (ESCB)
FINANCIAL ACTION TASK FORCE
(FATF)
SECURITIES AND EXCHANGE
COMMISSION
GLOBAL ENTITIES WORKING ON CRYPTO ASSET RECOMMENDATIONs
11. OECD FSB ECB G20
A Crypto-Asset Reporting
Framework (CARF) has
been designed by
the Organisation for
Economic Co-operation and
Development (OECD)
01
GLOBAL ENTITIES WORKING ON CRYPTO ASSET RECOMMENDATIONs
Crypto-assets and markets
must be subject to effective
regulation and oversight
commensurate to the risks
they pose, both at the
domestic and international
level
02
The ECB recommended a
broader and balanced
approach to the regulation
of crypto assets
03
G20 Finance Ministers and
Central Bank Governors on
the global outlook and
work underway on
regulatory and supervisory
approaches to crypto assets
and potential gaps
04
12. FATF G7 IMF IOSCO
FATF Recommendation
requires that virtual asset
service providers be
regulated for AML/CFT
purposes, licensed or
registered, and subject to
monitoring and supervision
05
GLOBAL ENTITIES WORKING ON CRYPTO ASSET RECOMMENDATIONs
The G7 working group
investigated the impact of
global stablecoins,
identifying a long list of
risks stemming from
stablecoins of any size.
06
The IMF provides several
high-level
recommendations for
regulators, including a
sequential, risk-based, and
proportional approach to
the development of
regulatory
07
IOSCO has published its
Crypto-Asset Roadmap for
2022-2023 that sets out its
regulatory policy agenda
and work program for the
sector over the next 12 to
24 months.
10
13. SEC RBI BIS ECB
The SEC Announced New
Crypto Regulation
Initiatives & plans
to register and regulate
crypto exchanges, and will
explore separating out
asset custody to minimize
investor risk.
11
GLOBAL ENTITIES WORKING ON CRYPTO ASSET RECOMMENDATIONs
Recommended that the
Indian government impose
a ban on the digital
currency, upon which TDS
was imposed from 1 July
21. “RBI is of the view that
cryptocurrencies should be
prohibited,"
12
The BIS is a long-term sceptic of
cryptocurrencies and vision for
the future monetary system - one
where central banks utilise the
tech benefits of bitcoin and its ilk
to create digital versions of their
own currencies.
13
The ECB aims to
complement the existing
financial system with digital
currency rather than
replace it.
14
14. 03
BETTER & COST
EFFECTIVE BANKING
Improved financial
institutions’ cross-
border
transactions
01
GLOBAL FINANCIAL
INCLUSION
GDP will boost by
$ 3.7 trillion for
emerging
economies.
02
BUILD GREENER
FUTURE
No Physical Infra
and use of
Renewable Energy
04
JOB MARKETS
we can expect to
see more global
investments and
job creation
within the field
05
Encourages trust
in the system of
cryptocurrency &
use in financial
tools,
transactions,
LOW TXN COST
IMPACT ON GLOBAL ECONOMY
15. 03
BETTER SOCIAL
TRUST
Participation in
international
trade without
having a bank
account.
01
SUPPORT FOR
ENTREPRENEURS
Creating financial
coverage &
financial liberation
through
exchanges
worldwide.
02
SUPPORT FOR SME
AND MSME
Open small
businesses to
broader audiences
04
LACK OF
REGULATION
The threat to the
monetary system,
fear of misuse for
dubious activities
and no control
over the private
crypto-exchanges
05
Encourages trust
in the system of
cryptocurrency &
use in financial
tools,
transactions,
LOW TXN COST
IMPACT ON GLOBAL ECONOMY
16. Developing and
regulating Crypto
Exchanges
Regulation
Establishing norms
and rules for use of
crypto instruments in
countries and at a
global level.
Global Level
Using crypto as a
currency is
complicated but
treating it as an asset
could be considered
Asset
Classification
Capturing
transactions through
KYC and developing
norms for taxing
transactions
Taxing
Active role by
governments and
global institutions will
help in finding
pragmatic and
acceptable solutions
Govt.
Support
RECOMMENDATIONs
18. 02
Policy-makers
should also
account for the
Asset types of
cryptocurrency
and stablecoins
when designing
regulation.
04
Reduce the
negative
economic
impacts of
choices made by
developed
economies
01
Include crypto
and stablecoins
in monetary
financial
statistics.
03
Coordinate
with other
governments
to mitigate
regulatory
arbitrage
RECOMMENDATIONs
21. Build India Blockchain
Stack
Policy Advocacy
Accelerate startups
Ecosystem
Blockchain
Technology Maturity
Blockchain Talent
Pool
Collaborate with
Government for
National Vision
India Blockchain Use
Case Repository
Corporate Adoption
with CoE Approach
Community
Ecosystem
Global Collaboration
IBF – VISION ACTIVITIES
25. VIRTUAL DIGITAL ASSET CYBER SECURITY TOKENISATION DIGITAL IDENTITY
METAVERSE 17 SUSTAINABLE GOALS
AUTOMATION WITH INDUSTRY
4.0 ADOPTION
CENTRAL BANK DIGITAL
CURRENCY
SPECIAL COMMUNITIES ….
