This paper provides a conceptual framework for analysing risks and vulnerabilities in crypto-asset markets and describes the stress episodes observed in these markets in 2022. The analysis is used to provide preliminary policy considerations from a financial stability perspective.
We highlight the importance of establishing a clear perimeter for financial regulation and of developing global rules to address financial stability risks in the areas covered by financial regulation in accordance with the 'same risk, same regulatory outcome' principle. Authorities could discourage and monitor the exposures of supervised and overseen while seeking to promote the adoption of safe and sound risk management practices in those areas. We also provide concrete proposals to follow up on these considerations.
