Crypto assets have come under greater scrutiny from central banks as they are traded and held as any other financial assets in many jurisdictions, but they remain outside of the regulatory perimeter and supervisory oversight. There is broad consensus among central banks in the region that the proliferation of crypto assets and crypto asset service providers pose a threat to the integrity and safety of the financial system. They can also lead to cryptoisation, disintermediation of bank credit, the potential loss of monetary autonomy, and difficulty in enforcing capital controls. The views on how such risks can be mitigated, however, varies considerably among authorities across the jurisdictions. The differing views, perhaps reinforced by the state of local financial markets and macroeconomic policy frameworks, clearly puts emphasis on the need for central banks to be mindful of the trade-offs of each option (be it ban, regulate or contain), while being clear on the policy objectives and the desired outcomes.
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