With the emergence of innovations such as crypto-assets or crypto-tokens, initial coin offerings and other alternate financial services platforms, there is often a ‘grey area’ around the relevance and applicability of current regulatory frameworks. Furthermore, the development of new regulatory regimes, if applicable, requires coordination between regulators. As noted before, such coordination is important in ensuring consistent understanding and approaches between regulators.
The importance of this coordination is emphasised in the FIG report. Due to the growing importance of fintech activities and the interconnections across the financial system, authorities may wish to develop further their lines of communication.