1. BITBILIHome
  2. Article

IOSCO releases recommendations to strengthen crypto regulation

• 190 views

TL;DR Breakdown

  • IOSCO has released a recommended guide to help regulators strengthen the regulatory framework of the crypto industry.
  • The body wants regulatory clarity and criticism of the regulatory framework.

The International Organization of Securities Commissions (IOSCO), a prominent global securities watchdog, has taken steps to assist policymakers in effectively regulating cryptocurrency. On May 23, the IOSCO Board’s Fintech Task Force released a consultation report containing a set of regulatory recommendations concerning cryptocurrencies.

IOSCO releases its recommendations

The report consists of 18 policy recommendations aimed at helping securities regulators worldwide address concerns related to market integrity and investor protection in the crypto space. Following a consultation period until the end of July, the recommendations are expected to be finalized by late 2023.

In its first chapter, IOSCO presents an overarching recommendation advising regulators not to create disparities between the regulation of cryptocurrency and traditional finance. The organization suggests that crypto regulators should strive to achieve regulatory outcomes that are consistent with those required in traditional financial markets.

This approach aims to establish a level-playing field between crypto-assets and traditional financial markets while reducing the risk of regulatory arbitrage. IOSCO emphasizes the importance of promoting consistency among its members in regulating and overseeing crypto-asset activities, due to the cross-border nature of crypto markets and the potential harm posed to retail investors. It encourages regulators to assess the applicability and adequacy of their existing crypto regulatory frameworks, considering whether they effectively cover various types of crypto assets, including stablecoins like Tether.

The body wants enhanced transparency in the crypto industry

Established in 1983, IOSCO is an association of organizations that regulate securities and futures markets worldwide. Its Board, comprising 35 securities regulators from around the globe, including the United States Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission, serves as the governing and standard-setting body for its members.

IOSCO members collectively regulate over 95% of the world’s securities markets. While IOSCO promotes a regulatory balance between traditional finance and the crypto industry, some of its members have faced criticism for lacking clarity in crypto regulation.

Congressman Tom Emmer, known for his support of cryptocurrencies, has criticized SEC Chair Gary Gensler for what he perceives as an inadequate approach to crypto regulation. Emmer has pointed out perceived inconsistencies in the SEC’s regulation, suggesting that they have resulted in the authority missing notable collapses within the crypto industry.

Overall, IOSCO’s recommendations seek to enhance regulatory consistency and investor protection in the global crypto landscape. By encouraging regulators to align crypto regulation with established financial market principles, IOSCO aims to create a more robust and balanced regulatory framework for the evolving crypto industry.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

文章来源于互联网:IOSCO releases recommendations to strengthen crypto regulation

Disclaimers:

1. You are solely responsible for your investment decisions and this info is not liable for any losses you may incur.

2. The copyright of this article belongs to the writer, it represents the writer's opinions only, not represents the site's ones. Not financial advice.

Previous 2023年5月25日 11:22
Next 2023年5月25日 11:33

Related articles

  • Venus Protocol faces $150m liquidation as BNB Chain team comes to rescue

    TL;DR Breakdown Binance Coin (BNB) loan of Venus Protocol teeters on the brink of liquidation as the token’s value dips. Loan originated from a security breach on BNB Chain, where hackers created two million BNB tokens and borrowed $150 million in stablecoins. As BNB value drops, liquidation risk increases, prompting the BNB Chain core team to take control of the loan. Venus Protocol, a prominent DeFi lending platform in the BNB Chain ecosystem, finds itself in a delicate position. A significant loan taken out in Binance Coin (BNB), Venus’ native token, teeters on the precipice of liquidation as the token’s value dips precariously. This impending scenario threatens to disrupt the stability of the Venus platform, a situation made more pressing by the illicit origins of the loan. Origins of the threat The problematic loan in question traces its roots back to a major security breach in the BNB Chain last October. Exploiters seized the opportunity to manipulate security proofs, effectively creating two million BNB tokens out of thin air, equivalent to $560 million at the time. Utilizing the fraudulent BNB,…

    Article 2023年6月15日

  • US congress explosive votes shake regulatory landscape

    TL;DR Breakdown The major development was the approval of the Financial Innovation and Technology for the 21st Century Act by the House Financial Services Committee (FSC) in a 35–15 vote.  While these developments represent significant progress toward regulatory clarity for the crypto industry, there were some lawmakers who expressed reservations about another proposed piece of legislation, The Digital Assets Market Structure Bill.  Description Last week, the United States made significant strides toward bringing regulatory clarity to its rapidly evolving cryptocurrency industry. One of the major developments was the approval of the Financial Innovation and Technology for the 21st Century Act by the House Financial Services Committee (FSC) in a 35–15 vote. This crucial bill aims to establish clear … Read more Last week, the United States made significant strides toward bringing regulatory clarity to its rapidly evolving cryptocurrency industry. One of the major developments was the approval of the Financial Innovation and Technology for the 21st Century Act by the House Financial Services Committee (FSC) in a 35–15 vote. This crucial bill aims to establish clear rules for cryptocurrency firms,…

    Article 2023年8月1日

  • Gucci debuts Milan Fashion Show collection in the metaverse

    TL;DR Breakdown Gucci’s Milan Fashion Show has made its debut in the metaverse The digital evolution continues for the fashion brand. Description Gucci’s newly appointed creative director, Sabato de Sarno, made his highly anticipated runway debut at Milan Fashion Week, unveiling the luxury brand’s “Ancora” collection. This momentous event didn’t just stay in the physical world; Gucci has ventured into the metaverse, creating a digital recreation of the fashion show accessible across multiple platforms. The “Ancora” collection, … Read more Gucci’s newly appointed creative director, Sabato de Sarno, made his highly anticipated runway debut at Milan Fashion Week, unveiling the luxury brand’s “Ancora” collection. This momentous event didn’t just stay in the physical world; Gucci has ventured into the metaverse, creating a digital recreation of the fashion show accessible across multiple platforms. The “Ancora” collection, which translates to “yet” or “even now,” according to the designer, is not just about fashion; it’s a narrative celebrating the joy of life, passion, humanity, and inclusivity. Gucci’s Ancora makes its metaverse appearance Gucci has consciously designed this collection to welcome everyone, ensuring that…

    Article 2023年9月24日

  • Bitcoin Ordinals fees surged by 700% since April

    TL;DR Breakdown Bitcoin Ordinals transaction fees have witnessed an increase of 700% since April. Projects are shifting their attention to the Bitcoin network. A recent report compiled by @dgtl_assets of Dune Analytics sheds light on the growing popularity of Bitcoin Ordinals, revealing significant increases in network fees and shifting trends in inscription preferences. On May 20, the total network fees paid for the minting of Bitcoin Ordinals reached 1,414 BTC, equivalent to $38.2 million. This represents a staggering surge of 700% from April 20 and 831% from April 1, underscoring the escalating interest in Bitcoin NFTs. Bitcoin Ordinals grow in popularity Bitcoin Ordinals function as a numbering system that assigns a unique number to each Satoshi, allowing for precise tracking and seamless transfer. Furthermore, the Inscription process adds a layer of data to each Satoshi, enabling the creation of distinct digital assets on the Bitcoin blockchain. Notably, unlike traditional NFTs built using smart contracts and hosted on separate solutions like IPFS, Bitcoin Ordinals exist entirely on the Bitcoin blockchain, eliminating the need for sidechains or separate tokens. Recent data analysis…

    Article 2023年5月22日

  • Poly Network temporarily halts services after another hack

    TL;DR Breakdown The exploit involved manipulating a smart contract function on the platform’s cross-chain bridge protocol, leading Poly Network to temporarily suspend its services.  Although the exact amount stolen in the attack was not specified by Poly Network, it was reported that the hacker transferred at least $5 million worth of crypto. Binance CEO Changpeng Zhao reassured customers that the attack would not affect Binance users, as they do not support deposits from the Poly Network. Description The cross-chain bridge platform Poly Network fell victim to a major attack, resulting in a hacker being able to generate billions of tokens for profit on July 2. The exploit involved manipulating a smart contract function on the platform’s cross-chain bridge protocol, leading Poly Network to temporarily suspend its services. The attack affected 57 different … Read more The cross-chain bridge platform Poly Network fell victim to a major attack, resulting in a hacker being able to generate billions of tokens for profit on July 2. The exploit involved manipulating a smart contract function on the platform’s cross-chain bridge protocol, leading Poly Network…

    Article 2023年7月5日
TOP