These have been very useful examples of practical co-operation – and of how much work is involved in giving practical effect to general ideas agreed to so easily in international meetings. More ambitious ideas for mutual support have also been pursued, of which the Chiang Mai Initiative (CMI) is probably the most concrete.
By law or by practice, many crypto-related products and activities fall between the cracks of traditional legal and regulatory structures, outside the so-called “regulatory perimeter.” In that environment, the normal backstops and safety nets of traditional finance do not necessarily or reliably apply. High volatility is the rule, not the exception; fraud and theft occur regularly, often at large scale.