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Cryptoassets: are regulators on the curve? (MiCA, on-going FSB / IOSCO assessments…)

Day 1 Afternoon

Wednesday 07 September

Room :

CONGRESS HALL 1

Speakers

Chair
Morten Bech
Head of Switzerland Center - Bank for International Settlements (BIS)
Public Authorities
Tomoko Amaya
Vice Minister for International Affairs & Chair of the Standing Committee on Supervisory & Regulatory Cooperation, FSB - Financial Services Agency, Japan (J-FSA)
José Manuel Campa
Chairperson - European Banking Authority (EBA)
Mindaugas Liutvinskas
Vice Minister - Ministry of Finance of the Republic of Lithuania
Caroline D. Pham
Commissioner - U.S. Commodity Futures Trading Commission (U.S. CFTC)
Faryar Shirzad
Chief Policy Officer - Coinbase
Industry Representatives
Antonio  Alvarez
Chief Compliance Officer - Crypto.com
Daniel Kapffer
Chief Financial Officer & Chief Operating Officer - DekaBank Deutsche Girozentrale

Objectives of the session

This session will first assess the current trends in European and global cryptoasset markets and the main opportunities and challenges associated with the development of cryptoassets and their underlying technical features.

The panel will also discuss the progress made in terms of regulation of cryptoassets and cryptoasset service providers in the EU and internationally and whether these initiatives are on the right track.

The specific opportunities and risks associated with DeFi and their regulatory and supervisory implications will be addressed in the following session.

Points of discussion

  1. Current state of the crypto market and on-going market trends: Bad news from the crypto sector have mounted recently. How do you see recent developments in the crypto sector? Are we in the midst of another crypto winter or rather at an inflection point? Are the price collapse in cryptocurrencies and the failure or certain service providers just the tip of the iceberg?
  2. Opportunities and challenges associated with cryptoassets: Crypto and underlying technologies bear great potential, but also risks. What are the main opportunities associated with cryptoactivities for users and the financial system? What are the underlying risks, from a business and systemic perspective? What are the operational challenges that crypto activities are facing?
  3. Regulatory approach to cryptoassets at the EU and global levels: Different regulatory frameworks for the crypto sector are currently under development. Will they be an impediment or catalyst for market development? Does the EU regulation on Markets in Cryptoassets (MiCA) address the main risks from crypto activities and how does the EU regulatory approach to cryptoassets compare to other jurisdictions? Is the current supervisory approach adapted to cryptoasset markets?