{
  "title": "Regulating the Crypto Ecosystem: The Case of Stablecoins and Arrangements",
  "publication": "FinTech Notes, September 26, 2022",
  "sourceUrl": "https://www.imf.org/en/publications/fintech-notes/issues/2022/09/26/regulating-the-crypto-ecosystem-the-case-of-stablecoins-and-arrangements-523724",
  "canonical": "https://www.imf.org/en/publications/fintech-notes/issues/2022/09/26/regulating-the-crypto-ecosystem-the-case-of-stablecoins-and-arrangements-523724",
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  "summary": "Stablecoins have experienced periods of rapid growth, accelerated links with traditional finance. Without proper regulation, contagion risks to wider financial sector will increase.",
  "sections": [
    {
      "heading": "Executive summary and key findings",
      "content": "- Stablecoins have experienced periods of rapid growth, accelerated links with traditional finance.\n- Without proper regulation, contagion risks to wider financial sector will increase.\n- Global regulation for stablecoins should be comprehensive, consistent, risk-based, flexible, and focus on their structural features and use.\n- Requirements on stablecoins should cover the entire ecosystem and all its key functions.\n- There should be additional oversight for systemic stablecoin arrangements.\n- In markets where risks are growing quickly, authorities should take immediate action by using all the tools at their disposal.\n- For effective implementation, domestic and international collaboration are key."
    },
    {
      "heading": "Policy recommendations and regulatory principles",
      "content": "- Design global regulation that is:\n  - Comprehensive\n  - Consistent\n  - Risk-based\n  - Flexible\n  - Focused on structural features and use of stablecoins\n- Apply requirements across the entire stablecoin ecosystem and all key functions.\n- Impose additional oversight and safeguards for systemic stablecoin arrangements.\n- Where risks are escalating quickly, authorities should take immediate action using all available tools.\n- Prioritize domestic and international collaboration for effective implementation."
    },
    {
      "heading": "Scope and thematic coverage",
      "content": "- Subjects addressed include: Blockchain and DLT, Central Banks, Deposit insurance, Digital currencies, Economic sectors, Financial crises, Reserve assets, Technology, Virtual currencies.\n- Keywords listed: Blockchain and DLT, CPMI-IOSCO, crypto Ecosystem, crypto-asset, DeFi, Deposit insurance, Digital currencies, DLT, e-money regulation, Economic sectors, Emerging technologies, Financial crises, Financial sector policy and analysis, Financial sector stability, Financial services, Fintech, FSB, Global, IMF Fintech Note 2022/008, Infrasctructures to Stablecoin arrangement, IOSCO, regulation, Reserve assets, stablecoin, Stablecoin regulation, Systemic risk, Technology, TerraUSD, Tether, Virtual currencies.\n\n---\n\n Content in this bundle\n\n- Regulating the Crypto Ecosystem: The Case of Stablecoins and Arrangements\n  - Regulating the Crypto Ecosystem: The Case of Stablecoins and Arrangements (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Regulating the Crypto Ecosystem: The Case of Stablecoins and Arrangements (PDF){rel=\"external\" type=\"application/pdf\"}\n\n---\n\nSource: https://www.imf.org/en/publications/fintech-notes/issues/2022/09/26/regulating-the-crypto-ecosystem-the-case-of-stablecoins-and-arrangements-523724"
    }
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    "Authors: Parma Bains, Arif Ismail, Fabiana Melo, Nobuyasu Sugimoto",
    "Published: September 26, 2022",
    "Series: FinTech Notes",
    "DOI: https://doi.org/10.5089/9798400221675.063",
    "Stablecoins have experienced periods of rapid growth, accelerated links with traditional finance.",
    "Without proper regulation, contagion risks to wider financial sector will increase.",
    "Global regulation for stablecoins should be comprehensive, consistent, risk-based, flexible, and focus on their structural features and use.",
    "Requirements on stablecoins should cover the entire ecosystem and all its key functions.",
    "There should be additional oversight for systemic stablecoin arrangements.",
    "In markets where risks are growing quickly, authorities should take immediate action by using all the tools at their disposal.",
    "For effective implementation, domestic and international collaboration are key.",
    "Design global regulation that is:",
    "Apply requirements across the entire stablecoin ecosystem and all key functions.",
    "Impose additional oversight and safeguards for systemic stablecoin arrangements.",
    "Where risks are escalating quickly, authorities should take immediate action using all available tools.",
    "Prioritize domestic and international collaboration for effective implementation.",
    "Subjects addressed include: Blockchain and DLT, Central Banks, Deposit insurance, Digital currencies, Economic sectors, Financial crises, Reserve assets, Technology, Virtual currencies.",
    "Keywords listed: Blockchain and DLT, CPMI-IOSCO, crypto Ecosystem, crypto-asset, DeFi, Deposit insurance, Digital currencies, DLT, e-money regulation, Economic sectors, Emerging technologies, Financial crises, Financial sector policy and analysis, Financial sector stability, Financial services, Fintech, FSB, Global, IMF Fintech Note 2022/008, Infrasctructures to Stablecoin arrangement, IOSCO, regulation, Reserve assets, stablecoin, Stablecoin regulation, Systemic risk, Technology, TerraUSD, Tether, Virtual currencies.",
    "**Regulating the Crypto Ecosystem: The Case of Stablecoins and Arrangements**"
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