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Hosted by
Karin Keller-Sutter
Federal Councillor & Head of the Federal Department of Finance, Switzerland
Léonard Bôle
Member of Executive Board
Swiss Financial Market Supervisory Authority (FINMA)
Léonard Bôle has been a member of the Executive Board of FINMA since 1 April 2014. Until 31 March 2025, he was responsible for the former Markets division and set up within FINMA cross-divisional functions on different topics, such as anti-money laundering, conduct rules in the investment area, fintech and trading systems. Since 1 April 2025, he has headed the Asset Management and Markets division. This division is responsible for the supervision of asset managers, collective investment schemes and financial market infrastructures. FINMA's Fintech-desk also belongs to this division.
Speaking at
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4:00–5:30pmWed 24 JunGFTN InsightsRoundtable Room 1, Ground FloorOpenModerator
Blueprint for Digital Assets
Investor Protection in the Age of Cryptocurrencies: Risk Management at Every Step of the Journey
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Jasper BetsSenior Supervision Officer MiCAR/CryptoDutch Authority for the Financial Markets (AFM)
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Merion AnggerekDirector & Head of Capital Markets Policy Division, Markets Policy & Consumer DepartmentMonetary Authority of Singapore
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Richard GabbertChief of Staff, Crypto Task ForceUS SEC
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Ryosuke UshidaDirector for International Policy, International Affairs OfficeFinancial Services Agency of Japan (JFSA)
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Sarah JungoAttorney-at-law / Senior policy advisorState Secretariat of International Finance
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Scott BauguessVP, International and Regulatory PolicyCoinbase
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Prof. Susan EmmeneggerProfessorUniversity of Bern
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Léonard BôleMember of Executive BoardSwiss Financial Market Supervisory Authority (FINMA)Moderator
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Matthias ObrechtHead Supervision New TechnologiesSwiss Financial Market Supervisory Authority (FINMA)Moderator
About this session
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. -
