Infrastructure for crypto asset markets
Crypto assets are a new asset type that remains largely unexplored by the institutional investors. The unclear legal nature and lack of trustworthy infrastructure has prevented the big money from flowing into cryptocurrencies and ICOs. As the regulators take first steps to define and structure it, the investor rights protection still remains a large issue.
As crypto market startups slowly learn how to make their services reliable, they threaten to take over the functions provided today by the CSDs and global custodians. How should traditional FMIs respond to this threat?