A joint body that will be responsible for coordinating global cryptocurrency regulation is sorely needed and could become a reality within the next year, according to Ashley Alder, president of the International Organization of Securities Commissions, IOSCO, an association of market regulators.
Alder's statement came during an online conference hosted by the Think Tank Official Monetary and Financial Institutions Forum (OMFIF). Alder, who is also CEO of the Securities and Futures Commission of Hong Kong, noted that the growth of digital currency markets and their growing connection to traditional finance has made cryptocurrencies a critical focus area for regulators across the globe.
Cryptocurrencies have obviously skyrocketed on the agenda,” commented Alder, revealing that the crypto market it is now one of the three “C's” that represent the main area of focus for regulators, alongside Covid-19 and climate change.
No wonder the financial market is very attentive to the movements of cryptocurrencies this week, especially with the fall of the markets, and the collapse of the stablecoin TerraUSD (UST). At the beginning of this Thursday (12), the bitcoin was trading at a low not seen in the past 16 months – at the time of writing, it was trading at $28.844,05, down 27,2% over the past seven days, according to Coingecko data.
If you look at the risks that we need to address, they are multiple and there is a concern for [crypto] in institutional-level conversations,” Alder said.
Also according to Alder’s speech, a global group designed to coordinate cryptocurrency rules is clearly needed and that global climate finance efforts are “far ahead” compared to cryptocurrency regulation, even with the importance of cryptocurrency in the conversation. at the global level. “There is nothing like that for cryptocurrencies at the moment”, concluded the president of IOSCO.
