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Mr. Dong He, Annamaria Kokenyne, Xavier Lavayssière, Ms. Inutu Lukonga, Nadine Schwarz, Nobuyasu Sugimoto, and Jeanne Verrier
Capital flow management measures (CFMs) can be part of the broader policy toolkit to help countries reap the benefits of capital flows while managing the associated risks. Their implementation typically requires that financial intermediaries verify the nature of transactions and the identities of transacting parties but is facing the rising challenge of crypto assets. Indeed, crypto assets have become a significant instrument for payments and speculative investments in some countries. They can be traded pseudonymously and held without identification of the residency of the asset holder. Many crypto service providers operate across borders, making supervision and enforcement by national authorities more difficult. The challenges posed by the attributes of crypto assets are compounded by gaps in the legal and regulatory frameworks. This paper aims to discuss how crypto assets could impact the effectiveness of CFMs from a structural and longer-term perspective. To preserve the effectiveness of CFMs against crypto-related challenges, policymakers need to consider a multifaceted strategy whose essential elements include clarifying the legal status of crypto assets and ensuring that CFM laws and regulations cover them; devising a comprehensive, consistent, and coordinated regulatory approach to crypto assets and applying it effectively to CFMs; establishing international collaborative arrangements for supervision of crypto assets; addressing data gaps and leveraging technology (regtech and suptech) to create anomaly-detection models and red-flag indicators that will allow for timely risk monitoring and CFM implementation.
Mr. Dong He, Annamaria Kokenyne, Xavier Lavayssière, Ms. Inutu Lukonga, Nadine Schwarz, Nobuyasu Sugimoto, and Jeanne Verrier

implementation; addressing data gaps and leveraging technology (regtech and suptech) to allow for timely risk monitoring; and striking a good balance between ex ante and ex post enforcement. A. Strengthening Legal and Regulatory Frameworks Regulatory and supervisory frameworks for crypto assets will need strengthening in order to minimize regulatory arbitrage, which is a key channel for circumventing CFMs. Efforts include clarifying the legal framework and reviewing CFM regulations against challenges of crypto assets; developing a consistent taxonomy of crypto assets

Mr. Dong He, Mr. Ross B Leckow, Mr. V. Haksar, Mr. Tommaso Mancini Griffoli, Nigel Jenkinson, Ms. Mikari Kashima, Mr. Tanai Khiaonarong, Ms. Celine Rochon, and Hervé Tourpe

Sandbox Approach in Selected Jurisdictions APPENDICES I. A Framework of Analysis II. Cross-Border Payments and Correspondent Banking III. Central Bank Digital Currencies: Why and How? IV. The Sandbox Approach: Selected Jurisdictions V. Examples of Regtech Solutions to Facilitate Regulatory Compliance

Mr. Dong He, Annamaria Kokenyne, Xavier Lavayssière, Ms. Inutu Lukonga, Nadine Schwarz, Nobuyasu Sugimoto, and Jeanne Verrier

Developing for persons and entities engaged in crypto activities and services a comprehensive, consistent, and coordinated regulatory framework and applying it effectively to CFMs Establishing international collaborative arrangements for supervision of crypto assets Addressing data gaps and leveraging technology ( regtech and suptech ) to create anomaly detection models and red-flag indicators that will allow for timely risk monitoring and CFM implementation Contents I. Introduction II. An Overview of CFMs III. How Crypto Assets Can Be Used to

International Monetary Fund. Asia and Pacific Dept

. It is jointly owned by BNM and 11 Malaysian banks. Peer-to-Peer (P2P) lending The lending of money to individuals or businesses through online platforms that match lenders to borrowers. Regtech The use of technology in regulation. Regulatory sandbox A framework that allows for the experimentation of innovative FinTech solutions in a live market environment within specified parameters and timeframes. Sukuk Debt security structured under any Shariah compliant contract, which is also known as an Islamic

International Monetary Fund, World Bank, International Monetary Fund. Strategy, Policy, &, Review Department, and International Monetary Fund. Legal Dept.

International Association of Insurance Supervisors IMS International Monetary System IOSCO International Organization of Securities Commissions IT Information Technology KYC Know-Your-Customer ML/TF Money Laundering and Terrorist Financing MSME Micro, Small-, and Medium-Sized Enterprises NPPS New Payment Products and Services Regtech Regulatory Technology Suptech Supervisory Technology SSB Standard-Setting Body Contents INTRODUCTION