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    Distributed Ledger Technology and Digital Assets: Policy and Regulatory Challenges in Asia
    Distributed Ledger Technology and Digital Assets: Policy and Regulatory Challenges in Asia
    Distributed Ledger Technology and Digital Assets: Policy and Regulatory Challenges in Asia
    Ebook142 pages2 hours

    Distributed Ledger Technology and Digital Assets: Policy and Regulatory Challenges in Asia

    By Asian Development Bank

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    About this ebook

    This report offers an analytical framework that allows for more systemic assessments of distributed ledger technology (DLT) and its applications. It examines the evolution and typology of the emergent technology, its existing and projected applications, and regulatory and policy issues that they entail. This report highlights the trends, concerns, and potential opportunities of DLTs, especially for Asian markets. It also identifies the benefits and risks to using DLT and offers a functional and proportional approach to these issues.
    LanguageEnglish
    PublisherAsian Development Bank
    Release dateJun 1, 2019
    ISBN9789292616472
    Distributed Ledger Technology and Digital Assets: Policy and Regulatory Challenges in Asia

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      Book preview

      Distributed Ledger Technology and Digital Assets - Asian Development Bank

      DISTRIBUTED LEDGER TECHNOLOGY AND DIGITAL ASSETS

      POLICY AND REGULATORY CHALLENGES IN ASIA

      JUNE 2019

      Creative Commons Attribution 3.0 IGO license (CC BY 3.0 IGO)

      © 2019 Asian Development Bank

      6 ADB Avenue, Mandaluyong City, 1550 Metro Manila, Philippines

      Tel +63 2 632 4444; Fax +63 2 636 2444

      www.adb.org

      Some rights reserved. Published in 2019.

      ISBN 978-92-9261-646-5 (print), 978-92-9261-647-2 (electronic)

      Publication Stock No. TCS190205-2

      DOI: http://dx.doi.org/10.22617/TCS190205-2

      The views expressed in this publication are those of the authors and do not necessarily reflect the views and policies of the Asian Development Bank (ADB) or its Board of Governors or the governments they represent.

      ADB does not guarantee the accuracy of the data included in this publication and accepts no responsibility for any consequence of their use. The mention of specific companies or products of manufacturers does not imply that they are endorsed or recommended by ADB in preference to others of a similar nature that are not mentioned.

      By making any designation of or reference to a particular territory or geographic area, or by using the term country in this document, ADB does not intend to make any judgments as to the legal or other status of any territory or area.

      This work is available under the Creative Commons Attribution 3.0 IGO license (CC BY 3.0 IGO) https://creativecommons.org/licenses/by/3.0/igo/. By using the content of this publication, you agree to be bound by the terms of this license. For attribution, translations, adaptations, and permissions, please read the provisions and terms of use at https://www.adb.org/terms-use#openaccess.

      This CC license does not apply to non-ADB copyright materials in this publication. If the material is attributed to another source, please contact the copyright owner or publisher of that source for permission to reproduce it. ADB cannot be held liable for any claims that arise as a result of your use of the material.

      Please contact pubsmarketing@adb.org if you have questions or comments with respect to content, or if you wish to obtain copyright permission for your intended use that does not fall within these terms, or for permission to use the ADB logo.

      Corrigenda to ADB publications may be found at http://www.adb.org/publications/corrigenda.

      Notes:

      In this publication, $ refers to United States dollars.

      ADB recognizes China as the People’s Republic of China; Republic of Georgia as Georgia; Hong Kong as Hong Kong, China; Korea as the Republic of Korea; and Russia as the Russian Federation.

      Cover design by Mike Cortes.

      Contents

      Tables, Figures, and Box

      Foreword

      Distributed ledger technology (DLT) and blockchain, and their headline-catching applications in cryptoassets and initial coin offerings (ICOs), have attracted extraordinary global attention. Alongside Bitcoin’s spectacular rise and fall in the past few years, there has been an explosion of ICOs, a tokenization of assets, and fund-raising projects utilizing digital tokens issued and operated on blockchains.

      Asia has taken a leading role in many aspects of these phenomena, from blockchain development and cryptoasset investment, mining and trading, to launching and participating in ICOs. At the same time, an increasing range of jurisdictions in the region have become concerned about risks, particularly from nonsovereign cryptoassets and ICOs.

      Yet, widespread misunderstanding in scholarly literature and the media of many aspects of these technological developments raises a number of unanswered questions. For example, what are the differences and links between DLT, blockchain, cryptoassets, and ICOs, and what are the current regulatory practices and challenges related to these new technologies?

      This report offers a new analytical framework to help policymakers review and assess opportunities and challenges associated with DLT and blockchain for the financial services industry. With this framework, the report explains and defines the related concepts of cryptoassets and ICOs and seeks to clearly delineate the differences between each and bring much needed clarity to how to regulate them. This report also aims to illuminate the trends, concerns, and potential opportunities of DLT, especially for Asian markets, arguing that a proportionate, functionally focused approach is necessary to balance potential benefits with new risks.

      This report offers basic guidelines for FinTech regulatory development. I believe it will be a useful resource to support financial inclusion in Asia and the Pacific by enhancing understanding of the benefits and limitationss of potential policies and regulations.

      Yasuyuki Sawada

      Chief Economist and Director General

      Economic Research and Regional Cooperation Department

      Asian Development Bank

      Acknowledgments

      The report was

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