載)FSB發(fā)布了《加密資產(chǎn)金融風(fēng)險(xiǎn)評(píng)估報(bào)告》。加密資產(chǎn)市場正在快速發(fā)展，由于其規(guī)模、結(jié)構(gòu)脆弱性以及與傳統(tǒng)金融體系的日益緊密的聯(lián)系，它們可能對(duì)全球金融穩(wěn)定構(gòu)成威脅。這些市場的快速發(fā)展和國際化也增加了監(jiān)管漏洞、分散或套利的可能性。盡管不同司法管轄區(qū)使用加密資產(chǎn)的程度和性質(zhì)有所不同，但金融穩(wěn)定風(fēng)險(xiǎn)可能會(huì)迅速升級(jí)，這凸顯了對(duì)可能的政策反應(yīng)進(jìn)行及時(shí)和先發(fā)制人的評(píng)估的必要性?？紤]到加密資產(chǎn)格局，需要持續(xù)警惕以下領(lǐng)域：·銀行參與加密資產(chǎn)生態(tài)系統(tǒng)的可能性將增加，特別是在一些活動(dòng)導(dǎo)致資產(chǎn)負(fù)債表上出現(xiàn)加密資產(chǎn)風(fēng)險(xiǎn)且這些風(fēng)險(xiǎn)未受到適當(dāng)?shù)谋O(jiān)管處理的情況下?！C(jī)構(gòu)投資者相對(duì)于其投資組合的規(guī)模增加了對(duì)加密資產(chǎn)的敞口。如果此類風(fēng)險(xiǎn)敞口使用高水平的杠桿，風(fēng)險(xiǎn)可能會(huì)進(jìn)·加速采用加密資產(chǎn)進(jìn)行支付。這可以通過與成熟支付公司或零售商及社交媒體合作來實(shí)現(xiàn)?！づc加密資產(chǎn)交易平臺(tái)相關(guān)的增長、角色和風(fēng)險(xiǎn)。加密資產(chǎn)的損失伴隨著杠桿、流動(dòng)性錯(cuò)配以及與傳統(tǒng)金融體系的相互關(guān)聯(lián)，可能會(huì)放大財(cái)富效應(yīng)帶來的系統(tǒng)性風(fēng)險(xiǎn)。對(duì)穩(wěn)定幣失去信心也可能引發(fā)其儲(chǔ)備資產(chǎn)的出售，進(jìn)而影響短期融資的快速增長給核心金融(穩(wěn)定)監(jiān)管紀(jì)律和原則帶來了挑戰(zhàn)?！げ煌谋O(jiān)管方式可能導(dǎo)致監(jiān)管套利，從而增加潛在的系·數(shù)據(jù)差距阻礙了政策選擇的風(fēng)險(xiǎn)評(píng)估和校準(zhǔn)。鑒于加密資產(chǎn)市場的國際性和多樣性，全球當(dāng)局應(yīng)優(yōu)先考慮跨境和跨部門合作。為了跟上加密資產(chǎn)發(fā)展的步伐，需要努力通過進(jìn)一步的合作和信息共享來加強(qiáng)監(jiān)控并最大限度地減少監(jiān)管套利，以跟上加密資產(chǎn)的發(fā)展步伐。FSB和其他標(biāo)準(zhǔn)制定機(jī)構(gòu)已在努力解決與GSC相關(guān)的威脅。FSB將根據(jù)2018年發(fā)布的框架，繼續(xù)監(jiān)測包括加密資產(chǎn)交易平臺(tái)在內(nèi)的加密資產(chǎn)市場的發(fā)展動(dòng)向和風(fēng)險(xiǎn)。2022年，F(xiàn)SB還將探討無擔(dān)保加密資產(chǎn)的潛在監(jiān)管和監(jiān)督影響，以應(yīng)對(duì)任何相關(guān)的金融穩(wěn)定威脅。此外，F(xiàn)SB還將繼續(xù)監(jiān)測和共享有的監(jiān)管、監(jiān)督的高層建議。 1 3 4 4 6 7 8 13 14 21 25toglobalfinancialstabilitydueinterconnectednesswiththetraditionalfinancialsystem.TherapidevnatureofthesemarketsalsoraisethepotentialAlthoughtheextentandnatureofuseofcrypto-assetsvariessomewhatacevaluationofpossibCrypto-assetmarketcapitalisationgrewcrypto-assetsandsystemicall(includingpayments)onwhichtherealeconomydependinflectionpointsgiventheratocomplywithapplicablelawfullscopeofcrypto-assets'useinthefinancialstocontinue,thiscouldhaveimplicationsforglobalplatforms,therapidlygrowiactualmagnitudeanddirecvulnerabilitiesmayarisefromtheenvironmentalimpactassetsinthecontextofmoneylaunderingthecrypto-assetmarkets:unbackedcrypto-assets(such1decentralisedfinance(DeFi)andcrypto-assettradingplatforms.Thesethreesignificantholdersofandcustody,accountforthemajorityofcrypto-assetstraded.Someoftheselackoftransparencyonthestablecoinsareusedmainlyasabridwhichhasimplicationsforthestabilityandfmarkets.Thiscouldalsospillovertoshort-twereliquidatedinadiexplorepotentialregulatoryandsupervisoryimplicatiassociatedfinancialwillbeakeyelementlevelrecommendationsfor2implicationsforglobalfinancialstability.orsimilartechnology.Crypto-exchangethatarenotbacsecuritiestokens,asset-backedtokensrepresentingownershibasedoncrypto-asseThevulnerabilitiesinoperationaltechnologicalfragilitiesandinterconnectedness-aresimilartchannelsinclude:(1)financialsectorexposuresentitiesthatarefinanciallyimpactedbycrypto-assets;(i)wealtheffectschangesinthevalueofcrypto-assetsmightimeffectsonthefinancialsystem;(il)confidenceeffects,throughwhichdevelopmentbroaderfinancialsystem);and(iv)extentofcrypto-assets'useunbacked'crypto-assets,andthetransmissionchannelsthroughwfinancialstability.Vulnerabilitiesconcerningstablecoins-bothexistingstpotentialfutureso-called"glotherinternationalorganiscrypto-assetmarkets-forinstance,thedististablecoinsdoesnotiSeeFSB,Crypto-assetmarkets:potentialchannelsfortuturef2Insomecases,thisreportrefe23Connectionsbetweencrypto-assetsandsystemicafinancialmarkets,thoughexpanding,remainlimitedattheprevolatiltyhave,sofar,beencpresentedathreattotheresilienceofbroaderfinanmuchofthetradingactivityincrypto-assets,areferencingthem,takesplaceonexposures.Ifcurrenttrendscontinue,andabsenteffectiveregulationandsupervregulatorycompliantproductsandplatforms,ashortaderivativesmaybothincreaseaccesscustodialandtradingservices.Somelargefinacommentary,withsomesuggestingthiscouldsignificantlyexpand'mainstream'instit3See"Hedgefindsexpecttohald7%ofassetsincrptowthinfivevears'.FinancialTimesIntertrustcroupof100hedgefundsCFdidnotsatistythereguirementrelatedtothepreventionoffraudandmenipulation,See,forexample.SEC,Self.Requlato4transparency.TheUSSecuritiesandExchangthesameperiod.Currently,tradingincrypto-assetfuturesorcrypto-assettradingplatformsthatarenasCME,reportedlyaccountsonlyAccesstocapitalmarketsbyfirmsprovidingsequities.Meanwhile,thecorrelationbetwe8Seehttos/howwthe0mhshoweve,mghtchangSeeCnptoxurencyaneratorCircletoqoputlic,TheW5Sources:Bloomberg.CoinGecko;FSBcalculatians.respectively).Notably,thebalances5.5milionbitcoins,aboutPersistentlyhighpricevolatilityuinvestments.BetweenJanuaryandearlyN6andannouncementsbysomeauthoritiestocontaintheirgrowtforbitcoinstandsat60%(compcasewouldbewhencrypto-assetsareadoptedasmainstreamstoresofvalue.Assuch,impactsinspecificjurisdictiWidespreadholdingsofcrypto-assetsbyretailfunctioningincludingtransactionferesolutionframeworks,couldresultinassetscontinuedtoincreasein2020Americans,!”12%ofRussians,7%ofSouthAfricans,i?and7theylargelyoperateoutsideof(or,insomecases,innon-compliframeworks.Thesector,includiabuseinvolving,amorelateddigitalassetadvisory,wallet,andtradingbusthewiderfinancialsystem,confidenceeffectsareunlikelytocausewidespread'spill-overs'tofinancialmarkets.Thatsaid,inafutureepisodeofmarketstre2SeelOSCO,InvestaEduc23saelosco.Lssues.Rsk24See,forexample,CFTC,Watchoutford8(USDC)ontheethereumblmerchantstheoptiontoreceivepaymentsdirviatraditionalpaymentrailsfollowingconversionofthecrypto-asset.Finally,inttogainacceptanceasawidermeansthefourthquarterof2021.2IneartySeptember2021,ElSAfurtherconsiderationarisesfromtheenvironmentalimpactofeneriskforthefinancialsys9consumptioncomparabletothatofsomecountries(Graph(PoW)consensusmechanism.Thisprocedureiscomputationalataround80%ofthetotalcrypto-assetmofthelargestcrypto-asseGraph3Estimatedannualisedglobalbitcoineconsumptioncomparedtoselectedcountries'2015201620172018201920202021jurisdictions'climatepoliciesandmayplacebantheminingandusestranded;sotheyexacerbateclmatetransitonriskinfinancialinsttfinancialsystem.Ascrypto-assetsbecomeincreasinglyinterconnectedwiththevuinerablitiesstemmingfromlarge一SpainEQ\*jc3\*hps12\o\al(\s\up1(Nethert),Austria)comparedtothehighvolatilityofunbackedcrypto-assets.Htheirdesign,includingtheirreserveassetsandredemptionrighishigh,withthetwolargeststablecoinsActingasabridgebetweentraditionalfAswithunbackedcrypto-assets,linkageswiththbutitisunclearwhomtheissuersare.Importantly,thefinancialreleasesareonly'attestatiSeeFSB,Regulation.SuperwsionandOversightofGilobalStathecoin"NrangemeoftheFSBHigh-LevelRecSeeDrakopoulosetal,Crrptoincreasefrom$5.6billionatthestartof2020N0B004operationalresilienceinthestablecoinsector,withceandundermineconfidenc(looselydefined)reservesarecomposedofcashequivaleSeeTether.ConsalidatedReserSeeCirdle,BesreAccouMarketcapitalisationofstablecTethermarketcapitalisationbyLhs:—Tether'sshareoft00regardingtheredemptionrightsmismanaged,fallinprice,bAveragedailytradingvolumesofselectedcrypto-assetsDailytumoverofTether,BitcoinandusobilionPercentUsesforpaymentpurposesarepayments.Potentialhightrreliableforusers.Inturn,thismayimpairtheavailabilityofcfinancialshockssprLookingtothefuture,theemergenceofso-called"globalstablsignificantscalecooffundsthatendusersmaintainassetstothebalancesheeredemptionatasigniAdditionalfinancialstabilityrmultiplecurrencies,orstablecoinswithamismseekingtoavoidreductionsinregulationofglobalstablareintegratingstablecoinsintotheirpDeFiisbasedondistributedledgerblockchains)toofferfinancialservicSeeIMF.TheCrptoEcosySeeFSB,Regulatton.SuperrislonandOveactivitiesundertakenby,andeconomicfunctionsprovidedbyastablecoinon31January2022theDleottheDlemPaymentNetwarktoSilvergateCapitalCorporatdigitalasset.DeFitypicallyuses'smartcontracto)unbackedcrypto-assetsandstableByusingsmartcontracts,usersothercrypto-assets.Themostprominentplatformtypicallyrequautomatically,dependingondplatformshavecharacteristicsanalogoustocommercialaManyprojectsofferasuiteofyield-generatingcryptautomaticallyroutingcrypto-asset"deposits"tohighest-yieldopportproductssuchassyntheticassets,optiDecentralisedExchangesclaimtobepeer-to-peermarketplacManyapplicationsfocusonincreasinginteroperabilitySomeDeFiprotocols,calleddiscretionarymutuals,allowmemberstopoosharerisksfromsmartccontractsthattriggerpayoutswhenpre-definedriTrustless:DeFiplatformsallowanyonewhocanpcollateral(including,butnotlimitedautomatedtransaction.Over-collateralanalogoustoshareholders'votingrightsintraditionalfinadisproportionatelylargeportionsofthetotalgovernancetokensupply.TypiDeFiapplication).personorentitythatcouldbeheldresponsibleforthefunctioningoftheprotocol(eventhoughInstead.theDeFidevelopers'claimsofnorresponsibilitywouldliewithitsentire(pseudonymous)usecustomer(KYC)verificationrefunction,eventhoughsuchrequirementsarerequiredbylawinmosttechniquesforDeFiusers.Itcanthereforebedifficulttooftheseplatformsattractingillegalactivities,money44SeeAramonteetal."DeFinsksandthedecentraisaticnilusicn".B/SQuarteoperationalandcybersecurityincidents,andfailuresofvulnerabiltiesmighthaveconsequencesforthefufinancialsystem.DeFialsohasthepotentialtoinassets.Inparticular,itcouldleadtogreaterholdingsactivities,includinglendingarequirements.Thus,tthelackoftransparent,consis45TMreterstothetdalddlaramountoformarketcapofcryptocurrencies,budependinguponthesource.See"IoEQ\*jc3\*hps11\o\al(\s\up5(On),Se)tEQ\*jc3\*hps11\o\al(\s\up5(h),F)EQ\*jc3\*hps11\o\al(\s\up5(e),S)EQ\*jc3\*hps11\o\al(\s\up5(a),B)EQ\*jc