Mastering Crypto-market Policy and Regulation

In this module, participants will examine the first component of what is referred to, in the programme title, as the ‘crypto market’: the nature of crypto-assets, and why and to what extent they form part of ‘finance’. There are different ways of classifying crypto-assets, none of which is perfect. This module enables participants to use our highly efficient method to analyse the characteristics of crypt-assets on a case-by-case basis.

The case studies used in the module cover live examples across the entire spectrum of crypto assets, such as virtual currencies, stable coins, initial coin offerings, security token offerings, tokens representing fractional ownership and non-fungible tokens.

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In this module, participants will explore the second constitutive element of the crypto market: the ecosystem of players, including those contributing to un-permissioned networks, such as nodes and miners, and those providing crypto-asset services (CASPs or VASPs), such as exchanges, wallets or order handlers. This module also presents one of the most important distinctions to be made, notably whether a market participant transacts ‘on-chain’ or ‘off-chain’, which has huge implications for any further analysis.

The case studies used in this module will comprise some of the most exposed CASPs, including both regulated and unregulated ones.

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In Module 3, participants start their journey into crypto market policy and regulation. Starting from what society wants to achieve by means of policy (basically, a fair and efficient market), participants will gain an understanding of the underlying principles of regulation, such as technological neutrality, a level playing field for market participants in competitive terms, and the leveraging of new technologies, such as blockchain, for the benefit of our economies.

Case studies will include crypto-market actors and actors coming from traditional finance, as both the traditional and the cutting-edge ends of financial services are ultimately emanations of the same market.

This module will also include an overview of existing and ongoing policy initiatives and regulatory measures in the EU, the US and select other markets.

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In Module 4, programme participants will explore the most relevant policy fields with regards to shaping the crypto market, including policies, strategies and tools aimed at the prevention of illegal activity (AML, CTF), the protection of consumer crypto investors (advertising and disclosure, data privacy), ensuring sufficient governance standards and levels of operational resilience, systemic risk dimensions and how the crypto market can achieve sustainability.

Case studies include both relevant crypto assets (VCs, SCs, ICOs) and crypto asset service providers (wallets, exchanges).

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In Module 5, programme participants will evaluate the potential for the introduction of central bank digital currency (CBDC), the technical issues at stake, potential scenarios of how to implement CBDC in various markets, and the integration of CBDC into the wider monetary and economic environment.

Case studies cover ongoing CBDC projects and deliberations in the EU, US, PRC and other markets.

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In Module 6, programme participants will project their findings of Modules 1-5 into the future of financial services, examining the beginnings and prospects of ‘decentralised finance’ (DeFi), a development characterised by mutualised governance of decentralised infrastructures and interoperability between different ecosystems, that is capable of disrupting significant parts of the value chains that form todays financial sector. However, the present rise of DeFi leaves many questions open, in particular as regards the interplay between its unclear appeal to a wider market and the question of whether it can and will be regulated. The module culminates in a mapping exercise attempting to describe likely future scenarios.

Case studies include well-known VCs and SCs that are nowadays regarded as gametes of what will become DeFi, and less well-known specialist service providers, many of which are user governed software applications.

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‘F’ – as in FUTURE. In the closing module, programme participants will pull together the core points from the programme and will be introduced to a system of guiding principles, conceived to ensure that the evergreen character of their newly acquired analytical skills will enable them to grasp market developments for years to come. This module is short but essential … it guarantees the significant, permanent return on the investment our participants are making by studying this programme.

Download the programme brochure for a detailed content breakdown per lesson.