Impact Index July 2023

August 4, 2023
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VIXIO’s impact index dropped 36 points in July, below the 2022 baseline and 5 points lower than July 2022.

July saw the first fall in global impact in three months, dropping 38 percent from June 2023. This was largely due to an equivalent 36 percent fall in global activity, though the number of actionable updates was the lowest since January 2023. The drop came largely as expected, with a further fall predicted in August driven by low activity across much of Europe.

In the rankings, the UK, EU and Australia remained the three most active jurisdictions for 2023 to date, though with International surging to fourth place. International is a jurisdiction that comprises events from supranational regulatory bodies, such as the Financial Action Task Force (FATF), the global anti-money laundering body; and the Financial Stability Board (FSB), a global body that promotes financial stability through the development of regulatory, supervisory and other financial sector policies.

In July alone International had 18 updates, the largest rise VIXIO has recorded for this jurisdictional category, with eight additional updates also captured in June.

Regulatory activity – International (jurisdiction)

Global supervision

Although the majority of International updates captured by VIXIO are informative, such as FATF mutual evaluation reports, the recommendations produced by both authorities can be influential in shaping the policies of countries around the world.

One such example is a recent proposal from the FSB for the regulation, supervision and oversight of crypto-asset activities, including “high-level recommendations” covering matters from regulatory powers, recommended framework, governance and “comprehensive regulation” of multi-functioning crypto-assets.

That last recommendation may well prove useful to US authorities, which have been arguing for several years over how best to regulate crypto in the US, either as a security, commodity or something else entirely, such as bank-like supervision of stablecoins. In fact, the US report from November 2021 on stablecoins that recommends bank-like oversight directly mentions the FSB and builds on the work the body has already done, showing its influence.

If you enjoy reading our monthly impact series, why not create your own personalised activity and impact dashboards with our Horizon Scanning platform.

Methodology

VIXIO Regulatory Impact Index combines the volume of regulatory events with a weighted classification, according to informative (1), indicative (2) and actionable (3). In February 2023, the Impact Index was rebased, so the average impact score of 2022 was equal to 100.

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