Prof. Susan Emmenegger

In recent years, the function of popular cryptocurrencies has shifted. While originally designed as payment instruments, they are nowadays more frequently used as highly volatile investment objects by a variety of investors including retail investors. While a BIS Working Paper showed that between 2015 and 2022 an estimated 73-81% of retail investors have likely lost money on their initial investment in Bitcoin, recent reviews by IOSCO and FSB found that investor protection is still underdeveloped in this area.

This raises the question how and to what extent investors, especially retail investors, must be protected. Starting with a discussion on the available data, the panellists will discuss gaps in current regulation and concepts for an appropriate cryptocurrency regulation architecture in the area of (retail) investor protection.