It looks like a global cryptocurrency regulator may see the light of day next year. This was announced by the President of International Organization of Securities Commissions (IOSCO)), Ashley Alder.
In a statement issued by Reuters on May 12, Alder noted some key points regarding regulation of cryptocurrency. He argues that the fundamental goal of the organization is to establish a uniform set of rules for cryptocurrencies. This follows the huge expansion of the industry.
In addition, Age mentioned three main areas where they believe there is a need for a significant change of authority. These areas cover digital assets, Covid-19 and climate change.
Following his opinion, he qualifies for the three Cs (COVID, climate and crypto) very important. According to Alder, this crypto is a wall of anxiety in institutional discourse.
In addition, during the presentation at OMFIF, the President insisted on some key points to address the key issues. As stated, the biggest concerns were related to cyber security, operational robustness and lack of transparency.
In addition to the cryptocurrency industry, the climate and finance sector also needs a cryptocurrency regulatory agency, according to the official statement.
TerraUSD collapse draws attention to cryptocurrency regulation
The call for global cryptocurrency regulation comes on the heels of the collapse of the stable coin TerraUSD. In addition, US politicians are also pushing for too strict restrictions in the sector.
Due to regulatory uncertainty, the value of bitcoin has fallen by about 30% for the last seven days. At the time of writing, the record high for the digital asset was $ 28,300.
Calls for regulation of the cryptocurrency sector are growing as the industry expands rapidly. However, the lack of cooperation between regulators around the world is a major problem. Some jurisdictions have also become crypto-friendly, while others have become crypto-unfriendly in this regard.
In this chain of events, IOSCO supports the importance of cryptocurrency regulation. That is why she joined many agencies, such as the International Monetary Fund (IMF). For countries like India, the IMF considers the regulation of cryptocurrencies to be a major problem. In addition, the organization El Salvador warned about the risks associated with the legalization of bitcoin. In response to the lack of a global regulatory framework for cryptocurrencies, the IMF introduced a guideline in December.
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