Naslov
Cryptocurrency market turmoil in 2022 reveals the need for unified approach to regulation

Autori
Šuman Tolić Meri

Vrsta, podvrsta i kategorija rada
Radovi u zbornicima skupova, cjeloviti rad (in extenso), znanstveni

Izvornik
94th edition of „esd Conference“, "The Dark Side of Management and Governance: power, ideology, tensions, and destructive traits", was organized as joint event with 11th International OFEL Conference / Tipuric, Darko ; Maric, Matija - Varaždin : VADEA ; Sveučilište Sjever ; Centar za istraživanje i razvoj upravljanja (CIRU) ; Sveučilište u Dubrovniku, 2023, 35-52

Skup
Economic and Social Development 94th International Scientific Conference on Economic and Social Development - "The Dark Side of Management and Governance: power, ideology, tensions, and destructive traits" (XI. OFEL)

Mjesto i datum
Dubrovnik, Hrvatska, 31.03.2023. - 01.04.2023

Vrsta sudjelovanja
Predavanje

Vrsta recenzije
Međunarodna recenzija

Ključne riječi
crypto assets ; risks ; consumer protection, ; financial stability ; regulatory framework ; cooperation
(crypto assets ; risks ; consumer protection ; financial stability ; regulatory framework ; cooperation)

Sažetak
Although the year of 2022 was very dramatic for the crypto asset market, the development of digital assets continues, and it is important to better regulate the cryptocurrency ecosystem to mitigate the damage and harness the potential possibilities and benefits of digital assets. This paper analyzes the recent market developments and their associated risks, as well as regulatory and supervisory developments. Cryptocurrencies’ growth has been volatile. Although the size of crypto market itself is not necessarily pose a financial stability risk, the lack of regulation, growing interlinkages within the market and with regulated financial institutions might. Second crypto winter and substantial risks to market integrity, consumer and investitors' protection, and financial integrity which occurred, put pressure on authorities all over the world to enhance their supervision and regulation of the crypto market. Given the cross-border nature of crypto assets, the absence of global standards, the lack of common taxonomies and reliable and consistent data on markets, make regulation, supervision and enforcement particularly challenging. Developing a comprehensive and complex regulatory framework designed to support responsible innovation, focused on consumer protection and anti-money laundering while managing risks – especially those that could disrupt the financial system and economy - requires close cross-sectoral and cross- border cooperation.

Izvorni jezik
Engleski

Znanstvena područja
Ekonomija

POVEZANOST RADA