A top official of the International Organization of Securities Commissions (IOSCO) stated that global market regulators will likely launch a joint body in the coming year to coordinate crypto regulations.
An international body to coordinate Crypto Rules
This week, top executives from the International Organization of Securities Commissions discussed cryptocurrency regulation. Members of the global organization regulate more than 95% of the world’s securities markets in more than 130 jurisdictions.
Reuters reported that Ashley Alder (chair of IOSCO) stressed the necessity for a global group in order to coordinate crypto rules.
Alder pointed out that there are similar arrangements for climate finance already in place, one of which was set up by G20 countries.
There isn’t anything like that for crypto at the moment … But I do think now it’s seen as one of the three C’s (Covid, climate and crypto) so it’s very, very important.
Citing the boom of digital currencies, including bitcoin, the IOSCO chair said crypto “has gone up the agenda” and become one of the three key areas authorities are focused on.
It is clear that crypto-related risk are numerous. She also noted that regulatory agencies are behind in some areas such as cyber security, operational resilience and transparency within the crypto ecosystem.
Martin Moloney, secretary-general at the IOSC, said at the International Swaps and Derivatives Association’s annual general meeting this week:
The moment is right for something exciting, important and requires us to work hard.
He opined: “I don’t have to have a crystal ball to be able to say, ‘Will crypto still be around in 20 years’ time?’ It doesn’t matter. I do know, as you can see, that it has developed sufficiently that we have to begin to act as if it will still be around in 20 years’ time. We have to take it that seriously.”
He encouraged the cryptocurrency industry to interact with regulators.
Use your ingenuity, use your technology to solve the regulatory problem instead of telling us to go away, that you don’t want to engage with the regulatory problem.
Do you agree with the idea of regulators from around the globe forming an international body to coordinate crypto-rules? Comment below to let us know your thoughts.
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