Nobuyasu Sugimoto's Books

Macroprudential Solvency Stress Testing of the Insurance Sector

By: Mr.Andreas A. Jobst,Nobuyasu Sugimoto,Timo Broszeit

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Macroprudential Solvency Stress Testing of the Insurance Sector

By: Mr.Andreas A. Jobst,Nobuyasu Sugimoto,Timo Broszeit

Over the last decade, stress testing has become a central aspect of the Fund’s bilateral and multilateral surveillance work. Recently, more emphasis has also been placed on the role of insurance for financial stability analysis. This paper reviews the current state of system-wide solvency stress tests for insurance based on a comparative review of national practices and the experiences from Fund’s FSAP program with the aim of providing practical guidelines for the coherent and consistent implementation of such exercises. The paper also offers recommendations on improving the current insurance stress testing approaches and presentation of results.

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International Monetary Fund

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ISBN 10

148434636X

ISBN 13

9781484346365

Regulating the Crypto Ecosystem

The Case of Stablecoins and Arrangements

By: Parma Bains,Arif Ismail,Fabiana Melo,Nobuyasu Sugimoto

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Regulating the Crypto Ecosystem

The Case of Stablecoins and Arrangements

By: Parma Bains,Arif Ismail,Fabiana Melo,Nobuyasu Sugimoto

Stablecoins have experienced periods of rapid growth, accelerated links with traditional finance. Without proper regulation, contagion risks to wider financial sector will increase. Global regulation for stablecoins should be comprehensive, consistent, risk-based, flexible, and focus on their structural features and use. Requirements on stablecoins should cover the entire ecosystem and all its key functions, and there should be additional oversight for systemic stablecoin arrangements. In markets where risks are growing quickly, authorities should take immediate action by using all the tools at their disposal. This note provides key elements that should feature in any regulatory arrangement. For effective implementation, domestic and international collaboration are key.

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International Monetary Fund

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ISBN 13

9798400221675

Capital Flow Management Measures in the Digital Age

Challenges of Crypto Assets

By: Mr. Dong He,Annamaria Kokenyne,Xavier Lavayssière,Ms. Inutu Lukonga,Nadine Schwarz,Nobuyasu Sugimoto,Jeanne Verrier

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Capital Flow Management Measures in the Digital Age

Challenges of Crypto Assets

By: Mr. Dong He,Annamaria Kokenyne,Xavier Lavayssière,Ms. Inutu Lukonga,Nadine Schwarz,Nobuyasu Sugimoto,Jeanne Verrier

Capital flow management measures (CFMs) can be part of the broader policy toolkit to help countries reap the benefits of capital flows while managing the associated risks. Their implementation typically requires that financial intermediaries verify the nature of transactions and the identities of transacting parties but is facing the rising challenge of crypto assets. Indeed, crypto assets have become a significant instrument for payments and speculative investments in some countries. They can be traded pseudonymously and held without identification of the residency of the asset holder. Many crypto service providers operate across borders, making supervision and enforcement by national authorities more difficult. The challenges posed by the attributes of crypto assets are compounded by gaps in the legal and regulatory frameworks. This paper aims to discuss how crypto assets could impact the effectiveness of CFMs from a structural and longer-term perspective. To preserve the effectiveness of CFMs against crypto-related challenges, policymakers need to consider a multifaceted strategy whose essential elements include clarifying the legal status of crypto assets and ensuring that CFM laws and regulations cover them; devising a comprehensive, consistent, and coordinated regulatory approach to crypto assets and applying it effectively to CFMs; establishing international collaborative arrangements for supervision of crypto assets; addressing data gaps and leveraging technology (regtech and suptech) to create anomaly-detection models and red-flag indicators that will allow for timely risk monitoring and CFM implementation.

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International Monetary Fund

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ISBN 13

9798400205880

Regulation of Crypto Assets

By: Cristina Cuervo,Anastasiia Morozova,Nobuyasu Sugimoto

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Regulation of Crypto Assets

By: Cristina Cuervo,Anastasiia Morozova,Nobuyasu Sugimoto

The rapid growth of crypto assets has raised questions about the appropriate regulatory perimeter and the ability of the existing regulatory architecture to adapt to changing conditions. Effective regulation of financial services promotes long- term economic stability and minimizes the social costs and negative externalities from financial instability. The same underlying principles for regulation should apply to nascent products and services based on innovative technologies, notwithstanding design challenges.

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International Monetary Fund

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ISBN 10

1513520318

ISBN 13

9781513520315

Regulating the Crypto Ecosystem

The Case of Unbacked Crypto Assets

By: Parma Bains,Arif Ismail,Fabiana Melo,Nobuyasu Sugimoto

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Regulating the Crypto Ecosystem

The Case of Unbacked Crypto Assets

By: Parma Bains,Arif Ismail,Fabiana Melo,Nobuyasu Sugimoto

Unbacked crypto assets are the oldest and most popular type of crypto assets, relying not on any backing asset for value but instead on supply and demand. They were originally developed to democratize payments but are mostly used for speculation. Crypto assets were designed to disintermediate financial services, but centralized entities, such as exchanges and wallet providers, offer key functions to users and sustain the necessity of trust in one or several entities. At present, many of these entities are not covered by existing conduct, prudential, or payment regulations and can generate risks to market integrity, market conduct, and potential financial stability. We recommend that global bodies work to develop common taxonomies that can inform global and cross-sectoral standards while improving data insights. Standards should be risk-based, with greater requirements on entities and activities that generate more risk. Crypto asset service providers that deliver core functions and generate key risks should be licensed, registered, or authorized.

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