On 16 October 2025, the International Organization of Securities Commissions (IOSCO) published a final report on its thematic review assessing the implementation of IOSCO’s Recommendations for crypto and digital asset (CDA) markets.

Background

IOSCO published in 2023 a set of 18 policy recommendations for the regulation of crypto and digital assets (CDA Recommendations) in accordance with the principle of ‘same activity, same risk, same regulation/regulatory outcome.’  These policy recommendations are designed to support greater consistency with respect to regulatory frameworks and oversight in IOSCO member jurisdictions to address concerns related to market integrity and investor protection arising from crypto-asset activities.

Key findings

In the report IOSCO states that, overall, significant progress is being made by its members in relation to the implementation of the key elements of the CDA Recommendations. It also adds that it is encouraging to note that the steps that its members have taken are generally designed to address investor protection and market integrity risks. However, IOSCO adds that there is still much more to be done, especially as new crypto-asset business models are being developed, existing risks are changing, and various new risks are emerging. The report also recognises that most members have mechanisms to facilitate cross-border cooperation, although in some instances there are hurdles to the effective use of these mechanisms. Members should therefore consider enhancements consistent with the CDA Recommendations to ensure that they are able to effectively share relevant information in practice.

 Information note

Together with the Financial Stability Board (FSB), IOSCO has issued an information note. The note accompanies IOSCO’s report and a report issued by the FSB following its thematic peer review of crypto-asset activities.