IOSCO joins other regulators who want to make rules for cryptocurrencies.
- IOSCO to focus on global rules for DeFi a movement encouraging alternatives to traditional, centralized forms of financial services. and crypto
- It wants to establish policy recommendations for cryptoassets for the period 2022-23.
- Joins other agencies doing similar work
More and more world bodies want to “get their hands on” cryptocurrencies, or at least control them in some way through international rules. Just today the Financial Stability Board reported that it will propose crypto regulations to the G20 (group of the 20 most powerful nations) by October. Shortly before that, last week the U.S. Treasury handed over to the president the Joe Biden on an international regulatory framework for crypto . For its part, Europe is doing the same and has also agreed to a framework .
Now, the International Organization of Securities Commissions (IOSCO) an association of securities regulators from around the world, reported that it is developing policy recommendations for cryptocurrencies. This was presented in a roadmap a roadmap is a high-level visual summary that helps map out the vision as well as the direction of a specific product. where it indicates its upcoming activities in relation to cryptoassets.
The fintech working group of IOSCO, established in March, will prioritize work focused on cryptoasset-related policies over the next 12 to 24 months, according to the document.
Two working groups
Two working groups, one headed by the U.S. Securities and Exchange businesses that allow customers to trade cryptocurrencies for fiat money or other cryptocurrencies. Commission (SEC). (SEC) and the other for the Financial Conduct Authority (FCA) of the United Kingdom, agreed to publish reports with recommendations for decentralized decentralization refers to the property of a system in which nodes or actors work in concert in a distributed fashion to achieve a common goal. finance (DeFi) and cryptoassets respectively by the end of 2023. That is, it is an action where relevant financial bodies of the countries are involved.
In this regard, the report highlights:
“Ambos flujos de trabajo se centrarán principalmente en analizar y responder a las preocupaciones sobre la integridad del mercado y la protección de los inversores dentro del espacio de los criptoactivos. La necesidad de abordar estas preocupaciones es evidente a partir de muchos eventos que afectan el espacio de los criptoactivos, como el reciente episodio de Terra/Luna y la consiguiente agitación del mercado que involucra a las plataformas de comercio, préstamo y préstamo de criptoactivos y otros participantes del mercado, lo que resulta en pérdidas y riesgos significativos para los inversores debido a protecciones y salvaguardas inadecuadas. Además, las preocupaciones de riesgo sistémico se considerarán activamente, asignando datos agregados a estos, cuando estén disponibles y sean apropiados”.
IOSCO members regulate securities markets in around 130 jurisdictions. The fintech working group comprises 27 of the board’s 33 member jurisdictions and is chaired by the Monetary Authority of Singapore (MAS).
Both working groups will focus on issues related to market an area or arena, online or offline, in which commercial dealings are conducted. integrity and investor protection, and will provide guidance on how existing regulatory frameworks for securities could be applied to digital digital technologies are these electronic tools that have the ability to generate, store or even process data. assets. You can view the full document aquí .
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