This Report presents updated findings based on the 2023 survey responses and discussions among C8 members regarding the behavior and experiences of retail investors regarding crypto-assets. It updates the risks involved and makes suggestions for additional investor education measures.
SUMMARY
IOSCO’s three main objectives are enhancing investor protection; maintaining fair, efficient, and transparent markets; and addressing systemic risk. The IOSCO Board identified crypto-assets as a priority in 2019,1 and it continues to be an IOSCO priority in 2024.
As part of this prioritization, the IOSCO Board established a Board-level Fintech Task Force (FTF) in 2022, tasked with developing, overseeing, delivering, and implementing IOSCO’s regulatory agenda with respect to FinTech and crypto-assets. This includes the recent publication of IOSCO’s Policy Recommendations for Crypto and Digital Asset Markets Final Report3 and its Final Report with Policy Recommendations for Decentralized Finance (DeFi).4 The FTF is coordinating the implementation of these recommendations across IOSCO member jurisdictions over the next three years through the Implementation Working Group (IWG).
The IOSCO Board has asked the Committee on Retail Investors (C8) to follow-up on the 2020 Report on Investor Education in Crypto-Assets5 to provide regulators with updated information regarding crypto-assets that will be useful to them in designing investor education initiatives for retail investors.
In preparing the 2020 report, C8 surveyed C8 members in fall 2019 regarding their experience with crypto-assets in their jurisdiction. As part of preparing this follow-up report, C8 surveyed C8 members in late 2023.
This Report presents updated findings based on the 2023 survey responses and discussions among C8 members regarding the behavior and experiences of retail investors regarding crypto-assets. This Report updates the risks involved and makes suggestions for additional investor education measures that C8 members have used. The Report also describes some changes in the regulatory landscape of certain C8 members, including investor protection measures, and includes examples of educational materials developed by C8 members.
IOSCO members are encouraged to consider utilizing one or more of the educational materials and measures included in the Report, depending on the applicable regulatory framework and the specific risks identified in their respective jurisdictions, and work to ensure that retail investors have sufficient information to make informed decisions about the risks of investing and transacting in crypto-assets....
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