IOSCO to develop standards to regulate the crypto market
The organization cited protecting investors and maintaining the integrity of the digital asset sector as key priorities
12.07.2022 - 09:45
What’s new? The International Organization of Securities Commissions (IOSCO) has published a roadmap for the development of standards to regulate the global crypto market. The first proposals are due to emerge by the end of 2023. Among the key priorities, the organization highlighted investor protection, maintaining market integrity, and adapting the rules of securities regulation to the cryptocurrency industry.
What is known about IOSCO’s plans? A task force chaired by a representative from the Monetary Authority of Singapore (MAS) will develop the rules. Within the group, two separate committees will be set up: for crypto/digital assets and decentralized finance (DeFi), led by the UK Financial Conduct Authority (FCA) and the US Securities and Exchange Commission (SEC), respectively.
IOSCO’s permanent membership includes securities regulators from 130 countries. The task force on the development of rules for crypto regulation includes 27 jurisdictions from the organization’s board.
In May, IOSCO Chairman Ashley Alder called cybersecurity and a lack of transparency in the cryptocurrency sector key risks that regulators are lagging behind on. He noted the need to coordinate the rules of crypto regulation as part of the international group’s work. Earlier, European Central Bank (ECB) Executive Board member Fabio Panetta advocated for the implementation of global rules for regulating the crypto market.
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