This report examines and compares regulatory frameworks for cryptoassets across 19 representative jurisdictions, mapping differences in classification, licensing of crypto‑asset service providers (CASPs), stablecoin regulation, AML/consumer‑protection measures, and regulatory responses after major market events. The authors find that although global regulation is accelerating, the landscape remains fragmented — with emerging markets lagging, stablecoins and service‑provider regulation prioritized, while DeFi, tokenization and staking remain largely unregulated; they highlight the need for clear classification, activity‑based regulation, information‑sharing and consumer‑protection to build a stable, sustainable global crypto market.
Coelho, H., Apostolides, A., Bear, K., Clark, N., Cordeiro de Lima Fleichman, N., Letsiou, K., Singh, A., & Zhang, B. (2024). 2nd Global Cryptoasset Regulatory Landscape Study – Emerging Practices and Early Lessons Learned. Cambridge Centre for Alternative Finance / Cambridge Judge Business School. https://www.jbs.cam.ac.uk/wp-content/uploads/2024/10/2024-2nd-global-cryptoasset-regulatory-landscape-study.pdf
Regulation, Supervision and Oversight of Crypto-Asset Activities and Markets
The Financial Stability Board (FSB) report, Regulation, Supervision and Oversight of Crypto-Asset Activities and Markets, concluded that crypto-asset markets are evolving rapidly and could pose risks to global financial stability due to their growing scale, structural vulnerabilities, and increasing interconnectedness with the traditional financial system. The report identified key concerns including regulatory gaps, market fragmentation, concentration risks among crypto service providers, leverage, and insufficient oversight of cross-border activities. To address these challenges, the FSB proposed a framework based on the principle of “same activity, same risk, same regulation,” calling for comprehensive and internationally coordinated regulation, supervision, and oversight of crypto-asset issuers, exchanges, and other market participants. The report emphasizes that effective regulation is necessary both to mitigate systemic risks and to support responsible innovation within the digital asset ecosystem.
Financial Stability Board. (2022, October 11). Regulation, Supervision and Oversight of Crypto-Asset Activities and Markets. https://www.fsb.org/uploads/P111022-3.pd
Crypto‑Asset White Papers and Marketing Communications Post the MiCA Regulation
This chapter analyses how issuance documents (white papers) and marketing communications of crypto-assets must change under the new Markets in Crypto‑Assets Regulation (MiCA), discussing compliance, disclosure requirements, and investor protection measures introduced by MiCA. It offers a concrete view on how regulatory text translates into practical obligations for issuers — useful for your educational content on token‑offerings, ICOs / token sales or stablecoins.
Cobos, M. T. O. (2025). Crypto‑Asset White Papers and Marketing Communications Post the MiCA Regulation. In C. Pastor Sempere (Ed.), Governance and Control of Data and Digital Economy in the European Single Market. Springer, Cham. https://doi.org/10.1007/978-3-031-74889-9_12
This report maps how the UK currently treats cryptoassets, outlines potential benefits (e.g. cheaper and faster cross-border payments) and major risks (volatility, scams, money laundering, energy use), and calls for a balanced regulatory framework. It argues that unbacked cryptoassets (like Bitcoin or Ether) pose high risks to consumers and recommends that retail trading/investing in them be regulated more like gambling rather than as a conventional financial service, unless stronger consumer protections are put in place.
Treasury Committee. (2023). Regulating Crypto – Fifteenth Report of Session 2022–23. House of Commons, UK Parliament. HC 615. https://committees.parliament.uk/publications/39945/documents/194832/default/
The article examines how cryptoassets (especially Bitcoin and stablecoins) threaten the stability of financial markets because they mimic traditional monetary functions without corresponding institutional support. The authors warn that their unregulated nature, high volatility, and speculative character make them a structural threat, especially if the adoption of cryptocurrencies continues to grow.
Joebges, H., Herr, H. & Kellermann, C. Crypto assets as a threat to financial market stability. Eurasian Econ Rev 15, 473–502 (2025). https://doi.org/10.1007/s40822-025-00311-4