Summary of qualitative findings
| Regulation | Impact | Nature of impact | Opinion |
|---|---|---|---|
| Markets in Crypto-Assets Regulation (MiCA) | Material | Positive | Promotes market integrity and investor protection |
| ESRB Crypto-assets and Decentralised Finance | No Impact | Positive | Increases awareness and prepares markets for regulatory changes |
| FSB Crypto-Asset Activity Regulation | Moderate | Positive | Enhances global regulatory coordination and financial stability |
| Basel Paper on the Crypto Multiplier | No Impact | Negative | Raises concerns over market volatility and systemic risks |
| Basel Crypto Assets Policy Measures | No Impact | Positive | Helps navigating the regulatory landscape effectively |
| ESMA Distributed Ledger Technology Crypto-Asset Services | Moderate | Positive | Provides clarity and standardisation across EU markets |
| EC New Crypto Tax Transparency Rules | Material | Positive | Increases transparency and adds compliance leyers |
| Regulation (EU) (2023b) 2023/1113 | Material | Negative | Transfers compliance costs to institutional investors |
| FSB Asia Group Discuss Vulnerabilities (5/17/2023) | No Impact | Positive | Encourages proactive management of crypto-related risks |
| EBA/CP/2023/20 | No Impact | Positive | Presents stable investment options |
| ESMA General Principles: Reporting of derivatives on crypto-assets | No Impact | Positive | Enhances transparency in derivatives markets |
| EBA Money Laundering and Terrorist Financing (ML/TF) Risk Factors Guidelines | No Impact | Negative | Flags cryptocurrency investors as risky |
| EBA Supervisory Colleges under MiCA Regulation | No Impact | Positive | Ensures consistent supervisory practices across the EU |
| EBA Consultation on Implementation of Sanctions | No Impact | Negative | Adds compliance costs |
| FSB Letter to G20 Finance Ministers | No Impact | Positive | Prevents collapse of cryptocurrency exchanges |
| Basel Central Bank Digital Currency | No Impact | Positive | Shows central banks’ progress in adopting digital currencies |
| ESMA Risks from Unregulated Products | Moderate | Positive | Eliminates ambiguous market practices and reduces risks from unregulated products |
| EBA Guidelines on preventing the abuse of funds and certain crypto-assets transfers | Moderate | Negative | Remains in contrast to the existing regulations |
| FSB Global Regulatory Framework for Crypto-Asset Activities | No Impact | Positive | Reduces risk of market manipulation and fraud |
| Crypto-assets: green light to new rules for tracing transfers in the EU | Material | Positive | Makes crypto-assets more attractive for risk-averse investors |
| Regulation | Impact | Nature of impact | Opinion |
|---|---|---|---|
| Markets in Crypto-Assets Regulation (MiCA) | Material | Positive | Promotes market integrity and investor protection |
| No Impact | Positive | Increases awareness and prepares markets for regulatory changes | |
| Moderate | Positive | Enhances global regulatory coordination and financial stability | |
| Basel Paper on the Crypto Multiplier | No Impact | Negative | Raises concerns over market volatility and systemic risks |
| Basel Crypto Assets Policy Measures | No Impact | Positive | Helps navigating the regulatory landscape effectively |
| Moderate | Positive | Provides clarity and standardisation across | |
| Material | Positive | Increases transparency and adds compliance leyers | |
| Material | Negative | Transfers compliance costs to institutional investors | |
| No Impact | Positive | Encourages proactive management of crypto-related risks | |
| EBA/CP/2023/20 | No Impact | Positive | Presents stable investment options |
| No Impact | Positive | Enhances transparency in derivatives markets | |
| No Impact | Negative | Flags cryptocurrency investors as risky | |
| No Impact | Positive | Ensures consistent supervisory practices across the | |
| No Impact | Negative | Adds compliance costs | |
| No Impact | Positive | Prevents collapse of cryptocurrency exchanges | |
| Basel Central Bank Digital Currency | No Impact | Positive | Shows central banks’ progress in adopting digital currencies |
| Moderate | Positive | Eliminates ambiguous market practices and reduces risks from unregulated products | |
| Moderate | Negative | Remains in contrast to the existing regulations | |
| No Impact | Positive | Reduces risk of market manipulation and fraud | |
| Crypto-assets: green light to new rules for tracing transfers in the | Material | Positive | Makes crypto-assets more attractive for risk-averse investors |
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