What type of regulation?
In the IMF’s view, regulation should contain several elements. The first one is the fact that crypto asset service providers that provide critical functions must be licensed or authorized. These would include storage, transfer, liquidation, and custody of reserves and assets —among others— similar to the existing rules for financial service providers.
Also, requirements should be tailored to the main cryptoassets and stablecoins use cases. “For example, services and products for investments should have requirements similar to those of brokers and dealers, supervised by the securities regulator; services and products for payments should have requirements similar to those of bank deposits, supervised by the central bank or payment supervisory authority.”
Regardless of the initial authority to approve crypto products and services, all supervisors —from central banks to securities and banking regulators— must coordinate to address the various risks that arise from different and changing uses.
