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ARTICLE · 25 JANUARY 2023

New BIS Bulletin And Thailand SEC Regulations Address Digital Asset Risks

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The new regulations took effect on January 16, 2023.

United StatesTechnology
Amos Kim
Amos Kim
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Last week, the Bank for International Settlements (BIS) published a bulletin addressing the risks associated with cryptocurrency in light of "the recent high-profile failures of FTX and other crypto firms. ..." Among other things, the bulletin notes the following key takeaways: (1) recent high-profile failures have reignited the debate on the appropriate policy response to address crypto risks, including through regulation; (2) the "shadow functions" enabled by crypto markets share many of the vulnerabilities of traditional finance, and these risks are exacerbated by specific features of crypto; (3) authorities may consider different – not mutually exclusive – lines of action to tackle crypto risks, including containment, regulation or an outright ban; and (4) central banks and public authorities could work to make "TradFi" more attractive, including through innovation with central bank digital currencies (CBDCs).

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