Regulators and supervisors will not only need to work together across borders, but also across sectors. All kinds of activities can be found in crypto-asset markets: lending, deposit-taking, and insurance, to name a few. At the same time, financial supervision is often organized across different sectoral authorities with different mandates. Meanwhile, cross-border collaboration is still too often organized along sectoral lines.
Nevertheless, this prompted Standard & Poor’s Ratings Services (S&P) to classify the foreign currency rating on Belize as “selective” default, one step below a full default. Belize is negotiating a debt exchange offer with bondholders but no consensus has been reached as yet on proposed new terms.