BIPA’s contribution to global regulation & supervision of the crypto-assets ecosystem:

Driving Data Interoperability and Standards for Robust Blockchain Intelligence

On 17 July 2025, Bogdan Vacusta, Co-Founder of the Blockchain Intelligence Professionals Association (BIPA), participated in an outreach meeting as part of the Financial Stability Board’s Thematic Peer Review. The meeting was focused on obtaining non-official sector views on the implementation progress and challenges of regulatory frameworks for crypto-asset activities and stablecoins.

 

The event provided an opportunity for external stakeholders – including market participants, academics, and industry associations – to share their perspectives on the implementation progress of regulatory frameworks for crypto-assets and stablecoins.

 

The discussions were focused on identifying challenges, exploring approaches to managing financial stability risks, and addressing issues such as regulatory fragmentation, risk management, and data reporting.

 

BIPA’s chairman provided to FSB stakeholders and the Peer Review Team the following elements to address regulatory frameworks for crypto-assets and stablecoins:

 

The Challenge: Fragmentation in Blockchain Intelligence Data

• The FSB’s agenda rightly seeks to understand the availability and use of data for risk management and regulatory reporting.
• Despite the inherent transparency of blockchain transactions, the current state of blockchain intelligence is fragmented, lacking universal professional standards.
• We face significant barriers:
  • Inconsistent data labeling and attribution practices among blockchain analytics providers.
  • Technological incompatibilities that hamper coordinated action and seamless data exchange.
  • Absence of widely accepted standards or benchmarks, making it like choosing from “a set of maps—each offering valuable insights, yet portraying the same landscape in different ways”.
• This fragmentation directly impacts the ability of crypto-asset service providers and stablecoin issuers to effectively manage market, credit, liquidity, and operational risks, and to meet regulatory reporting requirements.

BIPA’s Solution: The Blockchain Intelligence Improvement Pledge

• To address these challenges, BIPA launched the Blockchain Intelligence Improvement Pledge at the Blockchain Intelligence Forum (BIF) 2025. We urge prominent leaders to make a firm commitment towards these principles.
• The Pledge outlines four critical areas for collaborative industry-wide standards:
  • Developing Industry Standards: Establishing common standards for data collection, analysis, attribution, and reporting will significantly enhance reliability and comparability across platforms and providers. This is foundational for effective risk monitoring and regulatory alignment.
  • Ensuring Transparent Processes: Greater transparency in methodologies, methods of attribution, and algorithms is essential for scrutiny, validation, and understanding of insights. This strengthens the credibility and admissibility of findings, crucial for regulatory and legal contexts.
  • Promoting Data Interoperability: Enabling seamless data exchange and interoperability between different blockchain analytics tools and platforms is paramount. With nearly 600 exchanges and over 3.4 billion digital wallet users, the ability to integrate, compare, and collaborate on blockchain data from various sources is critical.
  • Establishing Scientific, Resilient, and Statistically Tested Standards and Methodologies: We advocate for methodologies grounded in scientific principles, subjected to rigorous testing, and validated through statistical analysis. This moves us away from “blacklist-based” models to dynamic assessment models requiring empirical validation.

Enhancing Risk Management and Regulatory Reporting

• The FSB’s questions on how participants enrich on-chain data with off-chain intelligence and how authorities can align regulatory reporting are central to our vision.
• Enriching Intelligence: Blockchain intelligence must evolve beyond mere crypto-asset tracing to proactive, predictive, and standards-driven methodologies that are transparent and independently verifiable. This involves connecting on-chain behavior with off-chain events and embedding blockchain analytics into existing Anti-Money Laundering (AML), Countering the Financing of Terrorism (CFT), and sanctions compliance frameworks.
• Aligning Reporting: By adopting harmonized standards for data attribution and analytics practices, we can significantly improve the quality and consistency of data used for internal risk management and, subsequently, for regulatory reporting. This ensures that market participants and authorities are “speaking the same language” when assessing risk.
• Supporting Better Risk Monitoring: Blockchain analytics companies and custodians play a vital role. By committing to open standards and interoperability initiatives, they can provide the robust, verifiable data necessary for comprehensive risk monitoring by all stakeholders.

• To effectively manage financial stability risks, data standardization must become a regulatory priority. Without common frameworks for wallet attribution, transaction classification, and risk indicators, supervisory authorities face blind spots in monitoring cross-border crypto activities. This creates potential for regulatory arbitrage.

BIPA’s Commitment to Action

• BIPA is actively working on several initiatives to drive this change:
  • The Blockchain Intelligence Improvement Pledge itself, as a voluntary initiative encouraging alignment.
  • The formation of the Blockchain Data Interoperability Project (BDIP), a collaborative effort to propose industry guidelines for the standardization of blockchain data, including wallet attribution methodologies and nomenclature.
  • Leading the formation of a Working Group for ESCO Recognition of the Blockchain Analyst Profession. This will define core competencies, develop structured training programs, and build ethical standards, ensuring a skilled workforce capable of delivering high-quality, standardized data and analysis for risk management and reporting.

Conclusion – A Call for Collaborative Action

• The future of effective compliance and enforcement lies not just in better tools, but in better cooperation, better standards, and better training.
• Standards, interoperability, and professionalization are not merely technical challenges; they are governance, legal, and strategic priorities.
• BIPA firmly believes that through deepened collaboration across public, private, and academic sectors, we can foster a more robust, reliable, and trustworthy blockchain intelligence ecosystem.
• This will not only benefit our respective organizations but also significantly contribute to reducing illicit activity and supporting the responsible growth of the crypto-asset space, strengthening global financial systems and public trust.