GDF Response to Thematic Peer Review on FSB Global Regulatory Framework for Crypto-asset Activities
Global Digital Finance (GDF) responded to the Thematic Peer Review on FSB Global Regulatory Framework for Crypto-asset Activities with its Global Policy & Regulatory Taskforce.
Overall, GDF is supportive of the FSB’s aim to review and strengthen global regulatory frameworks for crypto assets. The key points of our feedback were as follows:
1. Jurisdictional frameworks and their maturity have a significant impact on a firm’s decision to build there. This can have a knock-on impact on the overall development of growth and innovation of the financial services sector in that region;
2. The most common challenges identified across all jurisdictions were Cyber Security Concerns, Implementation of AML/KYC Requirements (and the challenges associated with fractured or misaligned implementation), and Complex Reporting Requirements;
3. As jurisdictional approaches continue to evolve, we would highlight the following key areas in greater detail for the FSB to monitor including: Scale and Materiality of Adoption, Institutional Integration and Exposure, and Compliance Complexity & Regulatory Arbitrage; and
4. We strongly support the adoption of new technologies by regulators.
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