Kryptoassets als Herausforderung für Finanzmarktstabilität

Crypto assets have become increasingly important since 2017. Symptomatic of this are (above all) their money-like functions in the context of the war against Ukraine. However, it would be premature to speak of a turning point in the financial system. Rather, the growing, unregulated crypto segment is destabilizing financial markets as links to the traditional financial sector increase. The biggest challenges are the sharp fluctuations in the value of crypto assets and their increasing complexity. Growing danger to the financial system looms with increasing widespread use of the assets as well as leveraged speculation in crypto assets or increasing lending in crypto assets. In contrast to the regulated banking sector, there are no stabilizing institutions such as financial market supervision, deposit insurance systems or a lender of last resort. Comprehensive regulations are necessary to reduce the destructive potential of crypto assets.