High-level survey on crypto-assets policy implementation progress and challenges

Purpose

The purpose of this brief survey is to gather high-level information about implementation status and challenges across jurisdictions related to crypto-asset activities, thereby providing high-level information to assist the peer review team undertaking the thematic peer review on the FSB’s global regulatory framework for crypto-asset activities.¹

Where practical, multiple-choice questions are posed to minimise the burden on respondents.

The survey is not intended to assess jurisdictional practices or support more granular gap analyses of jurisdictional regulatory frameworks. The peer review team will assess FSB members and select RCG jurisdictions through a more detailed questionnaire (question 2 solicits other jurisdictions interested to join the SCSI review).

For purposes of this survey, ‘crypto-asset activities’ follow the definition provided by the Glossary of the FSB recommendations², but exclude financial activities carried out by traditional financial institutions (e.g. banks) that are already subject to existing financial regulation, supervision, and oversight.

For purposes of this survey, references to regulations on ‘stablecoin arrangements’ refer to regulations that apply specifically to stablecoin arrangements and go beyond the general requirements for crypto-assets.

The survey results will be used to inform the work of the peer review team. The results will be shared and utilised by the peer review team to prepare the upcoming Thematic Review on the FSB global regulatory framework for crypto-asset activities. The results will also be shared more broadly with the RCGs.

Results may be published in the thematic peer review report and other relevant FSB documents, such as the FSB Annual Report. Any decision to publish results would be subject to review and approval by the FSB Plenary.

The survey will be distributed for completion by all FSB members and non-members through the RCGs and by IOSCO to non-RCG IOSCO members. Jurisdictions with more than one FSB/RCG member authority should submit a single consolidated response.

Jurisdictions that are interested to participate in the more detailed peer review may express their interest via question 2 below.

Please submit your jurisdiction's response by Friday 21 March.

For any questions related to the questionnaire or the process for completion, please contact the FSB Secretariat ([email protected]; [email protected]).

Non-FSB member jurisdictions who wish to participate in the more comprehensive review are asked to please notify the FSB Secretariat ([email protected]; [email protected]) by Tuesday 25 February.

1. FSB (2023), High-level Recommendations for the Regulation, Supervision and Oversight of Crypto-asset Activities and Markets: Final report, July; and FSB (2023), High-level Recommendations for the Regulation, Supervision and Oversight of Global Stablecoin Arrangements: Final report, July.
2. The Glossary states that “Crypto-asset activities are activities serviced by a crypto-asset issuer or crypto-asset service provider. A crypto-asset issuer is an entity, person, or other structure that creates new crypto-assets. A crypto-asset service provider is an individual or entity that providers services related to crypto-assets that may include, but are not limited to, distribution, placement, facilitating exchange between crypto-assets or against fiat currencies, custody, provisioning of non-custodial wallets, facilitating crypto-asset trading, borrowing or lending, and acting as a broker dealer or investment advisor. A crypto-asset is a digital asset (issued by the private sector) that depends primarily on cryptography and distributed ledger or similar technology.”

Important: if you wish to pause completing the survey and resume later, please save the response as draft. Otherwise, information already provided may be lost.