The International Organization of Securities Commissions (IOSCO) proposes standards aimed in particular at better protect the crypto investors. “The moment has come to put an end to regulatory uncertainty “, claims its president.
The association of regulators of the world’s securities and futures markets has just published guidelines for the use of jurisdictions from all over the world on how to regulate the digital assets like Bitcoin.
The time has come to put an end to the regulatory uncertainty that characterizes crypto-related activities. Today’s consultation paper received the unanimous support of the IOSCO Board and is the result of an intense period of regulatory risk analysis,” said Jean-Paul Servais, Chairman of IOSCO.
According to a statement, theIOSCO is best placed to provide an “effective and consistent” set of standards at the international level through its 130 members which regulate “more than 95% of the world’s stock markets”.
The announcement comes just under a year after the regulator’s crypto assets roadmap was released.
It’s time for regulators to work together across borders and diverse jurisdictions to ensure that investor protection and market integrity are maintained in the cryptocurrency market,” Lim Tuang Lee, chair of the Fintech Working Group at IOSCO, said in a statement.
A consultation was opened this Tuesday and will be finalized by December this year. The watchdog expects its new guidelines to be implemented in 2024.
A regulatory strengthening on the crypto is taking place at the global level after a difficult year for this industry and punctuated by cascading bankruptcies, including the most impressive, that of FTX in the fall.
Last week, European finance ministers approved the MiCA framework to regulate this new sector. Across the Atlantic, crypto giants are now blaming regulators for a lack of clarity on the rules related to this asset class.
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