IMF Asks Ukraine to Complete Crypto Regulations
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IMF Asks Ukraine to Complete Crypto Regulations
As previously reported, the International Monetary Fund (IMF) last week warned that crypto assets could create a new financial system if they were not properly regulated and supervised. This is discussed in the research entitled “Assessing the Macrofinancial Risk of Crypto Assets”.
This latest research addresses the potential systemic risks associated with the growing prominence of cryptocurrencies and offers a framework for understanding and tracking these risks.
“Crypto asset technology, if not properly regulated and supervised, can de facto create a new and alternative financial system,” wrote the IMF in its report, quoted from Yahoo Finance, Wednesday (11/10/2023).
There are three important discussions in the IMF's latest research, the discussions are as follows:
Risk Assessment Matrix
This research introduces a country-level Crypto Risk Assessment Matrix (C-RAM) to summarize key vulnerabilities, indicators, potential drivers and policy responses relevant to the crypto sector.
This matrix aims to help policymakers and experts better identify and navigate the risks posed by cryptocurrencies and create relevant strategies to contain and manage those risks.
Fraud and Cybersecurity
Key areas of concern include structural vulnerabilities in the crypto ecosystem, risk of contagion between traditional finance and crypto, operational risks, regulatory arbitrage, limited transparency and data availability.
“The crypto industry's inherent vulnerability to fraud, cybersecurity threats and technological risks exposes the crypto industry to a variety of external threats,” the IMF said.
IMF Asks Ukraine to Complete Crypto Regulations
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