In this regard, the FMI highlights the importance of issuing licenses and that regulations are adjusted accordingly to the different types of services that entities interested in operating with cryptocurrencies will provide.
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ElInternational Monetary Fund (IMF)one of the most important financial institutions in the world, published on its official website some considerations for the construction of a regulatory framework, which it hopes will serve as a reference for the creation of laws and guidelines for dealing with these assets.
FMI stresses the need for licences
According to information published on their official blog, the team of theFMI stressed the need for regulations to provide a level playing field for all stakeholders and therefore it is essential that providers of business operations and services be licensed by the relevant agencies in order to carry out such work.
In relation to the importance of the licenses, theFMI emphasizes that these are very necessary precisely to provide greater clarity to service providers, which will be subject to the fulfillment of certain duties while they will be participants in the rights established. In this regard, it reads:
“Cryptoasset service providers that provide critical functions must be licensed or authorized. These would include storage, transfer, settlement, and custody custody is a financial institution's legal capacity to keep and preserve financial assets for its clients to avoid asset theft or loss. of reserves and assets, among others, similar to existing rules for financial services providers. Licensing and authorization criteria should be clearly articulated, responsible authorities should be clearly designated, and coordination mechanisms between them should be well defined.”
Adapt regulations
Si bien la emisión de licencias es importante para el FMI, the entity also stressed the importance of tailoring them to the different areas of services that may be offered by the entities concerned. In this regard, it differentiated between different use cases and the considerations that should have been given to the case, specifically targeting the associated regulators.
In relation to the latter, one of the principles states:
“The [licensing] requirements should be tailored to the main use cases for cryptoassets and stable currencies. For example, investment services and products should have requirements similar to those for securities brokers and dealers, overseen by the securities regulator. Payment services and products should have requirements similar to those for bank deposits, overseen by the central bank or payment supervisory authority. Regardless of the initial authority to approve cryptographic services and products, all supervisors, from central banks to securities and banking regulators, should coordinate to address a place where cryptocurrency can be sent to and from, in the form of a string of letters and numbers. the various risks arising from different and changing uses.”
Y agrega:
“Authorities should provide clear requirements for regulated regulation is when something is controlled by a specific set of rules. financial institutions regarding their exposure and engagement with cryptocurrencies. For example, appropriate banking, securities, insurance and pension regulators should stipulate capital capital is most commonly defined as the large sum of money you would use to invest. and liquidity how easily a cryptocurrency can be bought and sold without impacting the overall market price. requirements and limits on exposure to different types of these assets, and require risk and suitability assessments of investors. If regulated entities provide custodial custodial cryptocurrency businesses are the ones that are in possession of their customers’ funds for the duration of the use of their services. services, requirements should be clarified to address the risks arising from these functions.”
Importance of coordinating international efforts
The importance of these three guidelines corresponds precisely to the fact of aligning international efforts so that countries manage at least similar principles around the approach to these digital digital technologies are these electronic tools that have the ability to generate, store or even process data. assets and their associated operations.
In relation to the latter, theFMI indica:
“The cross-sector and cross-border nature of cryptos limits the effectiveness of national approaches. Countries are adopting very different strategies, and existing laws and regulations may not allow for national approaches that comprehensively cover all elements of these assets.”
While it is known by the agency that establishing uniform regulations is a great challenge, the truth is that it highlights the importance of at least these three elements are included in the efforts would somehow align the most important regulatory frameworks, especially in light of the boom that are gaining digital currencies as investment assets.
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Version by Angel Di Matteo /DiarioBitcoin
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