The importance of this work has recently been emphasised by the rapid evolution and growing popularity of crypto-assets. This has prompted us to accelerate work to strengthen the regulation and supervision of crypto-asset markets. But there is a cautionary tale here.
The demand for crypto-assets in part reflects public dissatisfaction with current payment services, and if we do not improve the performance of the regulated market then there may be increasing demand for the less-regulated crypto-asset market to fill the gap. Enabling easier remittance payments, while maintaining their safety and security, will be a key part of this.