Of this approximately $700 trillion, about $685 trillion is considered an “onshore” asset – that is, they are held by people and entities that are officially and accountably residents in the countries in which they operate or exist. Estimates by the Organization for Economic Cooperation and Development (OECD) put all the offshore assets at around $12 trillion. That’s a lot of money, but in the context of global assets, it’s a drop in the ocean, less than 2% of the total. Right now, that 2% is relatively lightly, or not at all regulated and a fair chunk of that is cryptocurrencies.