The Bank of Italy today publishes 'Making it through the (crypto) winter: facts, figures and policy issues', the new issue of the series 'Markets, infrastructures, payment systems'
The prices of crypto-assets have risen very steeply in recent years, attracting the interest of retail and institutional investors. More recently, the market has experienced a sharp decline in prices, also influenced by idiosyncratic events and tighter global financial conditions. Starting from the main events that unfolded in the crypto-asset market in 2022, this paper examines the challenges regulation faces, as well as the drivers of the most recent regulatory developments, and then highlights the remaining open issues.
