This session will first assess the current trends in European and global cryptoasset markets, the lessons that can be learned from the recent market turmoil triggered by the failure of FTX and some other cryptoasset service providers and the future prospects of cryptoasset markets and activities.
The panel will also discuss the progress made in terms of regulation of cryptoassets and cryptoasset service providers in the EU and internationally, whether these initiatives are on the right track and if there are any missing issues in these regulations. Finally the need for further consistency and coordination of regulatory initiatives at the international level will also be assessed, as well as the evolutions that may be needed in terms of supervision.
Points of discussion
- What are the current trends in the EU and global crypto markets? Was the 2022 downturn the start of a new crypto winter or the sign of more structural fragilities? What are the lessons learned from the recent dislocation of certain providers and stablecoins? Can this shakeup lead to new opportunities or does it reveal major flaws? Which opportunities may drive the crypto market going forward? Do we have a clear view now of the economic value of cryptoasset activities?
- Are the cryptoasset regulations being implemented and developed in the main financial jurisdictions addressing the key risks from crypto? Would they have avoided the events of 2022? Are there some blind spots in MiCA and other comparable regulations that need tackling? What will be the impact of crypto regulations on the development of crypto activities? Are crypto regulations sufficiently future-proof? Are crypto policy approaches sufficiently consistent at the international level and what level of coordination is needed in this area? Does the supervisory approach need to evolve with crypto?