CIPHER: Monitoring Crypto Markets

Juraj Hledik (), Jakub Konecny (), Vasileios Christaras (), Francesca Di Girolamo (), Ioannis Kounelis (), Andrea Pagano (), Andrea Bazzanini and Massimo Iacovone
Additional contact information
Juraj Hledik: European Commission - JRC, https://joint-research-centre.ec.europa.eu/index_en
Jakub Konecny: European Commission - JRC, https://joint-research-centre.ec.europa.eu/index_en
Vasileios Christaras: European Commission - JRC, https://joint-research-centre.ec.europa.eu/index_en
Francesca Di Girolamo: European Commission - JRC, https://joint-research-centre.ec.europa.eu/index_en
Ioannis Kounelis: European Commission - JRC, https://joint-research-centre.ec.europa.eu/index_en
Andrea Pagano: European Commission - JRC, https://joint-research-centre.ec.europa.eu/index_en

No JRC143790, JRC Research Reports from Joint Research Centre

Abstract: "This progress report presents the current state of development of the CIPHER framework, an robust and scalable platform for monitoring crypto-asset markets, decentralized finance (DeFi) protocols, and blockchain-based financial activity. CIPHER’s role is to integrate blockchain-derived data with structured monitoring modules, covering areas such as market activity, financial stability risks, and systemic dependencies. The report outlines the methodological foundations, technical infrastructure, and preliminary analytical outputs achieved to date. All of this is contextualised within the recent technological and regulatory development of the crypto landscape.The report highlights key challenges and lessons learned, including data issues, the computational demands of large-scale blockchain analytics, and the need for interoperability and long-term sustainability. Finally, it provides a forward-looking roadmap for further development, including infrastructure scaling, feature enhancements, and deeper collaboration with EU and international stakeholders.The ultimate objective of CIPHER is to provide a policy-relevant, operationally sustainable monitoring and analytics tool capable of supporting EU institutions in supervisory, regulatory, and strategic decision-making related to crypto-assets and DeFi."

Date: 2025-10
New Economics Papers: this item is included in nep-fmk and nep-pay
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