OFR, Report: An Early Look into Digital-Assets Regulatory Data

“This brief has highlighted the rapidly growing and complex landscape of digital-asset platforms and other intermediaries. These entities play an important role in providing investors access to virtual currencies, show a strong tendency toward market concentration, and share common features with traditional financial intermediation. Because regulations applicable to the money service business portions of digital-asset platforms cover only a fraction of such platforms’ activities, platform services that may resemble those of broker-dealers, custodians, and even deposit-taking institutions raise the question of whether such platforms’ activities are appropriately …”