WEF and BCG lay out a nine-part playbook for digital asset regulation

The report, titled 'Regulation of Digital Assets in a Shifting Global Landscape', argues that digital assets have evolved from a niche market into critical plumbing for the broader financial system.

Consequently, the rules governing them now carry stakes far beyond the operations of crypto exchanges, affecting monetary sovereignty and cross-border capital movement.

The authors built the framework by reviewing regulatory developments across 35 jurisdictions and drawing on conversations with leaders from government and the private sector.

They present the nine policy dimensions as a flexible playbook that jurisdictions can adapt, whether they are drafting their first crypto rules or refining a mature regime.

New regulatory focus

The report widens the lens on regulatory goals, placing market integrity and financial stability alongside monetary sovereignty, sanctions enforcement, and national financial competitiveness.

It identifies tokenization and new forms of digital money, including stablecoins and programmable payments, as the primary drivers of upcoming regulatory shifts.

Legacy token markets and speculative trading are treated as only part of the picture, as the authors focus on assets that function as payments rails rather than trading chips.

Tokenization represents real-world assets, such as securities or funds, as digital tokens on a blockchain, while programmable payments execute automatically when coded conditions are met.

Global standards vs. national choice

The authors call for common regulatory standards across borders to reduce the regulatory patchwork that pushes companies to seek friendly jurisdictions.

At the same time, the report leaves space for countries to make their own national policy choices, acknowledging that full harmonization is unlikely.

Firms building in tokenization and stablecoins could face closer scrutiny, but they may also benefit from clearer and more consistent standards if jurisdictions adopt the nine-dimension framework.

The report highlights a tension between the efficiency gains of programmable money and the desire to maintain control over currencies and enforce sanctions.

Stablecoins, particularly those pegged to a foreign currency, can pull these goals in opposite directions, creating a complex challenge for policymakers.