BAGIAN / CHAPTER 3
BAGIAN / CHAPTER 3
Gambar 27 : Fungsi dan Aktivitas Penyelenggara Perdagangan Aset Kripto Sumber : Financial Stability Board (FSB) (2022) Figure 27 : Essential Functions and Activities in the Crypto-Asset Ecosystem Source : Financial Stability Board (FSB) (2022)
activities within financial markets, have been implemented in certain countries (e.g., France, Luxembourg, Switzerland). Specifically for the cryptocurrency industry, the early-stage development of this industry has implications for the regulatory and supervisory approaches adopted by regulators. Regulators are striving to develop a regulatory framework that emphasizes the importance of balancing the development of innovation and markets with risk mitigation. Moreover, based on guidelines issued by the Financial Stability Board (2023), cryptocurrency trading platforms must have an effective risk management framework in place to mitigate all risks associated with the activities conducted by these platforms.
teknologi buku besar terdistribusi (DLT) di pasar keuangan, juga telah diterapkan di negara-negara tertentu (misalnya, Perancis, Luksemburg, Swiss). Khusus industri aset kripto, perkembangan industri kripto di tahap awal memiliki implikasi pada pendekatan pengaturan dan pengawasan yang dilakukan oleh regulator. Regulator berupaya untuk menyusun kerangka pengaturan yang menekankan pentingnya keseimbangan antara perkembangan inovasi dan pasar serta mitigasi risiko. Adapun berdasarkan pedoman yang diterbitkan oleh Financial Stability Board (2023), penyelenggara perdagangan aset kripto harus memiliki kerangka manajemen risiko yang efektif dalam memitigasi seluruh risiko yang terkait dengan aktivitas yang dilakukan oleh penyelenggara perdagangan aset kripto.
Functions
Activities
Creation, issuance, distribution, redemption and underlying infrastructure
1. Creating, issuing, and redeeming crypto-assets. distribution. underwriting, placement, market-making, marketing and sales 2. Operating infrastructure and validating transactions
Wallets and custody
3. Provision of custodial (hosted) wallet and custody services 4. Provision of non-custodial (unhosted) wallets
Transfer and transactions
5. Payment for/of goods, services, gifts and remittances. 6. Exchange between crypto-assets or against fiat currencies, clearing and settlement 7. Use as collateral to borrow/purchase other crypto-assets 8. Trading/borrowing/lending of crypto-assets 9. Insurance 10. Direct/outright exposures to crypto-assets 11. Synthetic/derivative exposures to crypto-assets
Investment, leverage and risk management
Gambar 26 : Pendekatan Pengaturan untuk Tokenisasi Aset. Sumber : Nassr (2021) Figure 26 : Regulatory Approaches to TokenisaUon. Source : Nassr (2021)
1) Pendekatan Pengaturan
1) Regulatory Approach
NON MUTUALLY-EXCLUSIVE APPROACHES
Regulator yurisdiksi mengembangkan kerangka pengaturan yang berfokus pada pelaksanaan evaluasi peraturan dan pengawasan eksisting. Pendekatan di beberapa pengaturan didasarkan pada prinsip “Same Activity, Same Risk, Same Regulatory Outcome.” Pengaturan di sektor aset keuangan digital dan aset kripto akan mengacu kepada pengaturan eksisiting di sektor keuangan dan harmonisasi dengan kerangka pengaturan di yurisdiksi lain. Pendekatan ini diambil untuk memastikan mitigasi risiko yang konsisten atas risiko aktivitas yang melekat pada aset keuangan digital dan aset kripto serta mengurangi ketidakpastian regulasi atas penyediaan produk dan layanan aset kripto. Meskipun demikian, pendekatan kebijakan tersebut tetap akan mengacu pada prinsip proporsionalitas, dimana sektor aset kripto merupakan industri yang baru berkembang, dan belum memiliki kemampuan untuk menerapkan peraturan yang robust .
Several jurisdictions are developing regulatory frameworks that focus on implementation of existing rules and supervision. This regulatory approach is based on the principle of “same activity, same risk, same regulatory outcome”. Regulations for the digital assets and crypto assets sector will reference existing financial sector regulations and harmonise with regulatory frameworks in other jurisdictions. This approach aims to ensure consistent mitigation of the inherent risks associated with digital assets and crypto assets, and to reduce regulatory uncertainty for Crypto Asset Services Provider (CASP). However, this policy approach will continue to adhere to the principle of proportionality, recognising that the crypto asset sector is an emerging industry and may not yet have the same capacity to implement robust regulation.
Adapting existing policies
Guidance/ Clarifications
Dedicated, tailor-made frameworks
Technology-neutral
Clarity over whether and how the asset falls within regulators' remit
Same risk, same rules 'substance-over-form'
"Blockchaln Acts" New Roles/ New Actors
Updating rules to cater for tokens
• EC's update for
• FR Blockchain Order & digital assets providers • Germany draft Electronic Securities Act (eWpG-E) & Crypto-securities registries • LU recognition of DLT securities transfers • LIE Trusted Technology Verifying Authorities
• European
• BaFin's clarification on tokens • UK FCA's policy statement on crypto- assets • US SEC's digital assets framework
financial rules for crypto-assets
Commission
• UK FCA • US regulators • CH FINMA
• FRAMF's 2020 analysis of application of financial regulations to security tokens • CH DLT proposal
Note: UK Financial Conduct Authority (FCA), Swiss Financial Market Supervisory Authority (FINMA), German Federal Financial Supervisory Authority (BaFin), US Securities and Exchange Commission (SEC), European Commission (EC), French Autorite des marches financiers (FR AMF).
Peta Jalan Pengembangan dan Penguatan Inovasi Teknologi Sektor Keuangan, Aset Keuangan Digital dan Aset Kripto 2024 - 2028
Roadmap for Developing and Strenghthening Financial Sector Technology Innovation, Digital Financial Asset, and Crypto Asset 2024 - 2028
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