On 16 July 2018, the Financial Stability Board (FSB) issued its report on crypto-assets. The report gives an overview of the work undertaken by the FSB and other standard setting bodies with respect to crypto-assets and Initial Coin Offerings (ICOs).
Specifically, it is noted:
- that the FSB finds that crypto-assets do not at this time pose a material risk to global financial stability but will support the monitoring of this high paced new market;
- that the International Organization of Securities Commissions (IOSCO) has established an ICO Consultation Network;
- and that the Basel Committee on Banking Supervision (BCBS) is quantifying the materiality of banks’ direct and indirect exposures to crypto-assets.
The full report is available here.
Our FinTech Task Force across Rooney Nimmo’s international offices monitors the global developments on crypto-assets and ICOs. Get in touch here if we can be of any assistance.
