ABSTRACT
Chapter 6 goes beyond the emerging national-based regulatory initiatives to multilateral regulatory approaches. It starts with the approach adopted by the G20 and the Organisation for Economic Co-operation and Development (OECD). They have started looking at the accounting implications and have also called for a global ICO regulation, stressing the high risks and asking for a standardised set of regulations to avoid money laundering. Blockchain enabled products/services have a higher opportunity of benefiting from an ICO offering but are not always ideal. The IMF’s concerns are considered, especially regarding tax evasion, avoiding currency controls, international co-operation in policy responses and financial integrity. The Financial Stability Board’s (FSB) approach is discussed. Their main concerns relate to financial stability and they have developed a framework that defines the scope of Fintech activities and their potential gains and risks to financial stability. The Bank for International Settlements (BIS) approach is considered, in particular their belief that there should be a level playing field approach, possibly along the lines used in the Basel Committee’s approach to banking capital (Basel Process). The International Organisation of Securities Commissions (IOSCO) are considered along with their focus on crypto trading platforms (CTP)s. The Financial Action Task Force (FATF) are considered and the chapter ends with a consideration of Facebook’s proposed Libra project and a comparative note on multilateral cryptoasset regulators.
