Crypto-asset monitoring: ECB experts detail 2025 conference findings
The European Central Bank has published an Occasional Paper compiling abstracts from the 2025 Crypto-Asset Monitoring Expert Group (CAMEG) conference. The paper provides an overview of analytical work by European central bank experts on crypto-asset risks, data, and regulatory developments.
CAMEG's 2025 analytical deep dive
This paper provides an overview of analytical work conducted largely in 2025 by experts from various European central banks and authorities in the field of crypto-asset monitoring.
These insights were presented at the Crypto-Asset Monitoring Expert Group (CAMEG) 2025 Conference.
CAMEG, established in late 2023 by the ECB's Directorate General Statistics, brings together experts from the European System of Central Banks (ESCB) and the European Banking Authority (EBA).
The conference, held on October 30 and 31, 2025, marked the culmination of the second wave of CAMEG work, providing a platform for open debate on data challenges and opportunities in crypto-asset monitoring.
The publication compiles a selection of abstracts from over 30 presentations, including both CAMEG and non-CAMEG members, offering insights into topics discussed during the event.
It also outlines CAMEG's future direction, emphasizing deeper analytical work on interlinkages, crypto-asset adoption, and emerging trends.
A spectrum of crypto topics
The CAMEG conference addressed a broad spectrum of crypto-asset topics.
Key discussions included stablecoins, their regulatory developments, and comparisons with central bank digital currencies (CBDCs), alongside their price stability and de-pegging indicators.
Sessions also covered crypto-asset ownership patterns from survey data, regulatory reporting under MiCAR, and efforts to close data gaps.
Terminology, classification, and data reliability were central themes.
The conference further investigated interlinkages, shocks, stress, and scams in crypto-asset markets, as well as various aspects of tokenisation and decentralised identity.
The paper notes that risks from crypto-assets remain limited and manageable, partly due to existing regulatory frameworks like MiCAR, which became fully applicable in 2025.
Proactive, not complacent
This compilation of abstracts offers a crucial snapshot of European central banks' evolving understanding of crypto-assets.
While acknowledging limited current risks, the emphasis on monitoring and analytical preparedness underscores a necessary forward-looking stance.
The breadth of topics covered highlights the multifaceted challenges and opportunities that digital currencies and distributed ledger technology present for financial stability and monetary policy.