加密资产的金融风险评估（FSB）.pdf

Assessment of Risks to Financial Stability from Crypto-assets 16 February 2022 The Financial Stability Board (FSB) coordinates at the international level the work of national financial authorities and international standard-setting bodies in order to develop and promote the implementation of effective regulatory, supervisory and other financial sector policies. Its mandate is set out in the FSB Charter, which governs the policymaking and related activities of the FSB. These activities, including any decisions reached in their context, shall not be binding or give rise to any legal rights or obligations. Contact the Financial Stability Board Sign up for e-mail alerts: /emailalert Follow the FSB on Twitter: @FinStbBoard E-mail the FSB at: fsb@ Copyright © 2022 Financial Stability Board. Please refer to the terms and conditions Table of Contents Executive summary 1 1. Introduction 3 2. Vulnerabilities concerning unbacked crypto-assets 4 2.1. Financial sector exposures 4 2.2. Wealth effects 6 2.3. Confidence effects 7 2.4. Use in payments and settlement 8 3. Vulnerabilities concerning stablecoins 11 3.1. Financial sector exposures 11 3.2. Wealth effects 12 3.3. Confidence effects 13 3.4. Use in payments and settlement 14 3.5. Potential future global stablecoins 14 4. Decentralised Finance (DeFi) and Crypto-asset Trading Platforms 15 5. Data gaps 18 6. Conclusion and next steps 19 Annex 1: Available metrics and data gaps when evaluating financial stability risks from crypto-assets 21 Annex 2: Glossary 25