Crypto-assets and how they should be regulated are of growing importance for financial markets and investors. Central banks and regulators are making intense efforts to understand the opportunities, limitations and threats. The blockchain technology behind well-known crypto-assets contains enormous potential for efficiency-enhancing and cost-saving applications for digitally recording subscriptions, safe custody and trading activities.
Less benignly, there are widespread fears that an untrammelled move into an uncharted investment territory could, in the event of malfeasance or malfunction, critically undermine confidence and restrict future innovation. A brave new world beckons; but we must all work together to make this new feature of the investment landscape more appealing and less risk-laden.