Project Atlas provides data tailored to the needs of "central banks and financial regulators". It fuses data gathered from "crypto exchanges (off-chain data) with data from public blockchains (on-chain data) gathered from nodes." By connecting various sources, Atlas allows for "data vetting, giving users tools to evaluate these markets' economic significance more accurately."

As part of a first proof of concept, Project Atlas derives cryptoasset flows across geographical locations. The approach uses transactions attributed to crypto exchanges in the Bitcoin network, along with the location of those exchanges, as a proxy for cross-border capital flows.

The initial findings indicate that "although relatively small compared with total on-chain network traffic, identified flows between crypto exchanges are significant and substantial economically. Attributing geographical areas to exchanges (where possible) lays out the structure of cross-border flows. Project Atlas provides a starting point for structural analysis across jurisdictions."

See also: 'Project Atlas - Mapping the world of decentralised finance'.

The paper classifies policy measures into three categories and identifies different types of initiatives across jurisdictions, including bans, restrictions, clarifications, bespoke requirements, and initiatives to facilitate innovation.

The paper provides "stylised facts about crypto carry, characterising its variation over time and across various crypto platforms and traditional exchanges." 

Unbacked cryptoassets and stablecoins with ineffective stabilisation mechanisms will be subject to a "conservative prudential treatment." 

The standard will provide a "robust and prudent global regulatory framework for internationally active banks' exposures to cryptoassets that promotes responsible innovation while preserving financial stability." 

The standard, which will be incorporated as a new chapter titled 'SCO60: Cryptoasset exposures' into the consolidated Basel Framework, will be implemented by 1 January 2025. 

The Committee will be monitoring the implementation and effects of the standard.

The speech covered :

• CBDCs and fast payment systems: commonalities and differences;
• the user experience with a retail CBDC;
• the impact on the financial system; and
• the international dimension: working together

Balz outlined the areas that need to be tackled to create a "safe, efficient and future-proof currency". He also discussed three trends that are being observed: digitalisation, declining cash usage and the emergence of new forms of money.