Recent statements and actions from the Treasury, SEC, CFTC, FASB, and other regulators highlight the heightened volatility in the crypto and digital assets markets and call out an urgent need for regulatory guardrails. The issues they raise span unique supervisory and regulatory authorities, customer protections, accounting standards, and sanctions compliance. Enforcement activity is rising.
There are actions financial services companies can take immediately to help mitigate crypto-related risks, even as the regulatory landscape is poised to change. In this updated Point of View, Assessing crypto and digital asset risks: Actions amidst evolving regulation, we outline some of these key actions alongside the recent developments from legislators, regulators, and standard setting bodies.
We will continue to provide updates to this paper as additional developments occur.
By Amy S. Matsuo
Download the full report at https://advisory.kpmg.us/articles/2022/assessing-crypto-digital-assets-reg-alert-mar-2022.html