Sets out key considerations to assist regulatory authorities in addressing issues, risks.
Final report draws on responses to consultation, includes summary of survey findings.
Key considerations relate to: access to CTPs; safekeeping of participant assets, including custody arrangements; identification and management of conflict of interest.
Transparency of operations; market integrity, including the rules governing trading on the CTP, and how those rules are monitored and enforced; price discovery mechanisms; technology, including resiliency and cyber security.
Many of the issues related to regulation of CTPs are common to traditional securities trading venues but may be heightened by the business models used by CTPs.
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.
Accordingly, the report states that the IOSCO Principles and Methodology provide useful guidance for regulatory authorities considering the identified issues and risks.
IOSCO will continue to monitor evolution of markets for crypto-assets to ensure the issues, risks and key considerations identified remain relevant and appropriate.
B/D; Depo; Exch; IA; MSB
Rp FR02/2020, IOSCOPD649, PR IOSCO/MR/03/2020, 2/12/2020; CR02/2019; Cyber