Global Regulators Set Up Monitoring System for Bitcoin, Other Crypto Assets

The Financial Stability Board set out its framework for monitoring cryptocurrencies like bitcoin. Alain Pitton  Nur

The Financial Stability Board (FSB), which coordinates financial regulation for the Group of 20 Economies (G20), said the framework focuses on how risks from crypto asset markets could spread to other parts of the financial system.

The Financial Stability Board set out its framework for monitoring cryptocurrencies like bitcoin.

The FSB in an worldwide agency which oversees and prepares recommendations regarding the global financial system.

With the framework designed for the early detection of any risks to global financial stability - the FSB identify several metrics that can act as indicators for monitoring crypto-assets and derivatives including "metrics on trading volumes, pricing, clearing and margining for crypto-asset derivatives".

It warned that the exposure of financial institutions to cryptocurrencies will serve as a key measurement of the "risks to the broader financial system".

Primary risk metrics include the market cap (both size and rate of growth), price levels and volatility of major cryptocurrencies.

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As an example, the International Organization of Securities Commissions (IOSCO) has now established an ICO (initial coin offering) Consultation Network to discuss possibilities and concerns surrounding the radical new form of fundraising powered by cryptocurrencies.

The FSB states that crypto-assets do not present a material risk to global financial stability at their current stage, though it sees the necessity for in-depth monitoring due to the rapid development of the market. Further, the body is also developing a "Support Framework" to aid global member bodies to better understand the impact of domestic and worldwide ICOs on local investors.

The FSB, now chaired by Bank of England chief Mark Carney, said it will formally present the framework to G20 finance ministers when they meet in Buenos Aires later this month.

Meanwhile, the Basel Committee on Banking Supervision (BCBS) is gathering data on its member banks' direct and indirect exposure to cryptocurrency in an effort to quantify the potential impact of the technology.

Featured image from Flickr/Bank of England.

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