The International Organization of Securities Commissions (IOSCO) published a final report from a thematic review assessing how 20 jurisdictions have implemented IOSCO’s 2023 Policy Recommendations for Crypto and Digital Asset (CDA) Markets. The review finds that jurisdictions have made progress in regulating crypto-asset markets, but that risks to investor protection and market integrity persist and implementation remains uneven, prompting a call for jurisdictions to monitor emerging risks and implement the recommendations as early as possible. The assessment covers measures on governance, conflicts of interest, fraud and market abuse, cross-border cooperation, custody, retail client protections, and disclosures. It highlights the need to promote greater consistency in implementation to reduce regulatory arbitrage and to strengthen enforcement practices. Cross-border information sharing is described as relatively limited while regulatory frameworks for cooperation are still being developed, despite most major crypto-asset service providers having a global footprint; IOSCO is recommended to monitor developments and consider enhancements to promote information sharing, including cooperation mechanisms beyond enforcement. IOSCO plans to enhance its capacity building program to facilitate knowledge sharing and support jurisdictions’ implementation efforts. The report is positioned as an initial assessment under IOSCO’s Crypto-Asset Implementation Roadmap and is intended to inform the development of an assessment methodology for future IOSCO reviews; IOSCO also noted its work was conducted alongside a complementary thematic implementation review by the Financial Stability Board, published with a joint note.
IOSCO 2025-10-16
International Organization of Securities Commissions reviews implementation of its crypto and digital asset recommendations and calls for more consistent cross-border oversight
IOSCO's report evaluates the implementation of its 2023 Policy Recommendations for Crypto and Digital Asset Markets across 20 jurisdictions. It finds regulatory progress but highlights persistent risks to investor protection and market integrity, with uneven implementation and limited cross-border cooperation. IOSCO calls for enhanced monitoring, consistent implementation, and improved information sharing to address regulatory arbitrage and strengthen enforcement.