Swiss FINMA is developing generative AI tools for crypto market regulation
Foresight News reports, according to PYMNTS, that the Chair of the Swiss Financial Market Supervisory Authority (FINMA) and Chair of the International Organization of Securities Commissions (IOSCO), Marlene Amstad, stated that regulators are accelerating the adoption of AI and regulatory technology tools, including tools for crypto market regulation. FINMA has developed a real-time crypto monitoring dashboard that combines the quarterly reported crypto asset quantities from institutions with daily market prices, which is used to identify excessively concentrated crypto exposures at single institutions and operational risks arising from tokens being concentrated on a single blockchain.
Amstad also stated that FINMA is developing generative AI tools to scan regulatory documents prior to on-site inspections and flag anomalies, and that these findings will be reviewed by a second AI tool before being handed over to regulatory staff.
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