An emerging market
Syren Johnstone · Edward Elgar Publishing eBooks · 2021
The components of a more complete and familiar market system in cryptoassets are progressively being assembled and developments in the primary and secondary market are reviewed. Regulatory attention that initially focussed on the primary market has had to increasingly orient itself to secondary market activity and an expansion of the types of products and services available. This has occurred in the absence of the usual regulatory building blocks that would be required to gravitate the industry, or parts of it, toward something proximate to the regulated financial services industry. The multiple roles undertaken by many cryptoexchanges are of particular concern. A cohort of intermediaries providing specialized services for cryptoassets (cryptointermediaries) has started to emerge. Standards of conduct and practices responsive to unique features of cryptoassets that give rise to new considerations will be vital to the development and operation of the secondary market.