Global market regulators are likely to launch a joint organization within the next year to better adjust the rules of cryptocurrencies, said senior Watchdog executives.
Ashley Alder, chair of the International Organization of Securities Commissions (IOSCO), said the boom in digital currencies such as Bitcoin is one of the three key areas the authorities are currently looking at, alongside COVID and climate change. Said that.
“Looking at the risks we need to deal with, there are multiple of them, and there is a wall of concern about this (crypto) in institutional conversations,” Alder said at an online conference hosted by an OMFIF think tank on Thursday. Said.
He cited the lack of transparency in the world of cybersecurity, operational resilience, and cryptocurrencies as the main risks that regulators are lagging behind.
The focus on the crypto market has been reinforced this week in a more intense volatility with the long-watchdog watchdog.
Read again:Does a cryptocurrency crash pose a threat to the financial system?
With the collapse of the so-called “stablecoin” TerraUSD, the Senate Banking Commission chairman urged US lawmakers to tighten crypto regulations on Wednesday, but Bitcoin also fell by nearly 20% this week.read more
Alder said there is a clear need for a global group to try to adjust the rules of cryptocurrencies, including those under the G20 group in major economies, as well as various already implemented for climate finance. It is likened to a setting.
“There is no such thing in cryptocurrencies at this time,” said Alder, chief executive officer of the Hong Kong Securities and Futures Commission.
“But it’s very important because it’s now considered one of the three Cs (COVID, climate, crypto). I don’t think it’s about the same time next year as the agenda goes up.”
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