The European Central Bank published an Occasional Paper presenting a book of abstracts from the inaugural Crypto-Asset Monitoring Expert Group (CAMEG) conference and summarising recent analytical work by experts from European central banks and other institutions on crypto-asset monitoring. It concludes that crypto-asset risks and potential implications for central banking domains are currently limited and or manageable within existing regulatory and oversight frameworks, while emphasising the need to strengthen monitoring, awareness and preparedness. The paper notes that the analytical work is presented under the authors’ own aegis and does not represent the ECB’s views. CAMEG was established in late 2023 by the ECB Statistics Directorate General in conjunction with the Eurosystem Innov8 Forum, with common crypto-asset datasets for the European System of Central Banks cited as a key enabling factor. More than 30 experts from 13 Eurosystem central banks and the European Systemic Risk Board participated in its first phase, culminating in a 24 to 25 October 2024 conference with more than 30 presentations. The abstracts span household adoption and payment use, centralised exchanges and other service providers including solvency assessment and fraud typologies, interlinkages with traditional finance and prudential considerations such as the Capital Requirements Regulation III transitional 1% Tier 1 exposure limit from 1 January 2025, stablecoins’ effects on banks’ liquidity metrics, Markets in Crypto-Assets Regulation related data challenges, decentralised finance governance and lending, and selected distributed ledger technology applications relevant to statistics and central banking. CAMEG’s next wave of operations will run for nine months from January 2025 and is expected to focus on early warning indicators linked to market failures, interlinkages with the financial system and within the crypto ecosystem, major crypto-asset service provider players and risk indicators, stablecoin deep dives and studies of novel segments. Membership is intended to expand beyond the Eurosystem to include other central banks, Markets in Crypto-Assets Regulation supervisory authorities and other European institutions, alongside further joint work on shared on-chain and off-chain datasets. A second CAMEG conference is planned towards the end of October 2025.
European Central Bank 2025-02-26
European Central Bank publishes CAMEG 2024 conference abstracts and outlines next wave of crypto-asset monitoring work
The European Central Bank released an Occasional Paper summarizing the inaugural Crypto-Asset Monitoring Expert Group (CAMEG) conference and recent analytical work on crypto-asset monitoring. The paper concludes that crypto-asset risks are limited and manageable within existing frameworks but highlights the need for enhanced monitoring and preparedness. CAMEG's next phase will focus on early warning indicators and expanding membership beyond the Eurosystem.