The Financial Stability Institute, part of the BIS, has published a report analyzing the activities and risk profile of cryptoasset service providers (CASPs). It focused on the large crypto exchange conglomerates with diverse activities that it refers to as multifunction cryptoasset intermediaries (MCIs), with Binance, Bybit, Coinbase, Crypto.com, Kraken, MEXC and OKX provided as examples. The authors outline how several of these intermediaries provide bank-like activities such as maturity and credit transformation and hence propose prudential requirements adapted to the specific details of each entity and its activities.

The authors estimated that recent quarterly trading…