Europejski Urząd Nadzoru Giełd i Papierów Wartościowych (European Securities and Markets Authority - ESMA), Kryptowaluty i ryzyka jakie niosą dla stabilności finansowej

ESMA50-165-2251

Publication date: 4 October 2022

Crypto-assets and their risks for financial stability

Contact: claudia.guagliano@esma.europa.eu; steffen.kern@esma.europa.eu

Summary

Crypto-assets have gained increasing attention due to their rapid growth and so has the interest around their implications for the traditional financial system – including financial stability. ESMA has been following these developments closely for several years, including because of their risks to consumer protection , and outlines in this article the latest understanding of crypto-assets’ risks and transmission channels to financial markets. While some sources of risk are well understood from traditional markets, others are novel and linked to the product design, technological development, or the complex infrastructures built around crypto-assets. We find that, at present, crypto-assets are still small in size and their interlinkages to traditional markets are limited. In future, this situation may change as...