The Global Regulatory Community to Create a Joint Body to Coordinate Crypto Rules

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 Key Takeaways: 

  • The global regulatory community considers creating a joint body to coordinate crypto rules.
  • According to the IOSCO chair, cryptocurrency “has moved up the agenda”.

The global regulatory community is now considering creating a joint body to coordinate crypto rules as reported by Bitcoin News. The International Organization of Securities Commissions (IOSCO) met to examine and discuss the cryptocurrency regulation. In more than 130 nations, members regulate 95 percent of the world’s securities markets. IOSCO Chair Ashley Alder said global market regulators are likely to form a unified body within the next year. This unified body will focus on the coordination of the crypto rules.

Alder recently was speaking at the online conference of the Official Monetary and Financial Institutions Forum where he discussed the growth of cryptocurrency worldwide and how cryptocurrency regulation has become one of the major areas on which authorities are focused.

” 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.”

The Chairman of IOSCO believes that a global committee to coordinate crypto regulations is the need of the hour looking at the demand for digital assets. Alder also stated that global climate financing efforts are “far ahead” of crypto legislation.

 “At the present, there isn’t anything like that for crypto,” Alder said, adding that this is expected to change by the same time next year”.

He stated that he does not have a crystal ball to answer the question, “Will crypto still be around in 20 years?” and to him, It does not make any difference. He highlighted the extreme progress that the crypto industry has made and seen. He agrees that cryptocurrency’s growth has reached a stage where we must begin to operate as if it will still be around in 20 years.

”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”, Martin Moloney said to ask cryptocurrency industries to engage with the regulators.

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Baisakhi Mishra
Baisakhi Mishra

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