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ECB Says It’s Ramping Up Crypto Surveillance to Include Off-Chain Data
The European Central Bank (ECB) says the “central banking community” will refine its monitoring of cryptocurrency transactions, both on- and off-chain. In an Aug. 7 report entitled “Understanding the crypto-asset phenomenon, its risks and measurement issues,” the ECB argues that “closing the data gaps associated with crypto-assets” continues to pose a significant challenge for regulators and financial institutions. “Closing data gaps” for crypto asset monitoring The report argues that the risks and spillover effects of crypto assets to the real economy, depends on the extent that the two spheres are ... (full story)
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Understanding the crypto-asset phenomenon, its risks and measurement issues
To properly assess crypto-asset risks and their potential impact on the financial system and the economy, it is necessary to complement the qualitative analysis on the linkages described (see Section 3) with quantitative information. On the one hand, the public nature of crypto-asset DLT networks generally ensures transparency, i.e. transaction data are open for the public to see and verify. On the other hand, the decentralised and (partially) unregulated nature of crypto-asset activities makes it difficult to obtain specific data (e.g. the number of individual users) and to organise systematic data collection ... (full story)
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