The new digital economy is already beginning to flourish. New opportunities require new tools, and the infrastructure, both financial and non-financial, is beginning to take shape. So, too, are the risks. The failure of the Terra/Luna stablecoin triggered a meltdown in the cryptocurrency ecosystem, offering a taste of the consequences of collapses in under-regulated markets.The legislative and regulatory community are responding with a renewed sense of urgency.
Regulators have a clear responsibility to keep their citizens and economies safe. As new financial instruments and techniques emerge, particularly from the decentralised finance community, regulators must develop the appropriate frameworks to control them, mitigate the risks they may introduce and ensure they have the power to restrict activities that are unfair, exploitative or dangerous.
For the launch of OMFIF’s ‘Digital assets’ report, the panel examined the new opportunities and risks that the evolving asset class presents, exploring the new infrastructure springing up to provide the necessary services in the ecosystem as well as the laws required to protect investors and ensure financial stability.
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Jan Ceyssens, Head of the Digital Finance Unit in the Directorate General for Financial Stability, Financial Services and Capital Markets Union, European Commission
Oliver Linch, Chief Executive Officer, Bittrex Global
Steven McWhirter, Director of Regulatory Policy Global, Binance
Carly Nuzbach Lowery, Chief Legal Officer, Copper.co
Recorded: 26/10/ 2022
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