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The President of the International Securities Commission (IOSCO) Ashley Alder has revealed that the global cryptocurrency regulator is likely to go live by the end of next year.
According to a source received from Reuters on 12/05mThe main goal of the agency is to establish and legitimize a framework for the regulation of cryptocurrencies globally.
A global joint body for coordinating crypto regulation could become a reality within the next year, according to the chair of the International Organization of Securities Commissions.
— CoinDesk (@CoinDesk) May 12, 2022
According to Alder, crypto regulation, Covid-19 and climate change are the three top priority areas right now.
In another speech to the OMFIF research team, Alder noted that the impetus to set up a cryptocurrency “containment” organization stems from concerns about cybersecurity, operational resilience, and lack of transparency in recent years.
The panic of the president comes after the “painful” incident caused by the Terra family in recent days as well as the news that the US legislature tightened strict regulations on cryptocurrencies.
Regarding the cause of the LUNA – UST incident, readers can see CHK’s series of reports here:
Amid regulatory concerns, the world’s number one currency Bitcoin is recording a massive correction after dropping nearly 30% of its value in just the past 7 days. At press time, BTC is trading at $29,300.
After the rapid development of cryptocurrencies and also the “sick storms” in the past time as a warning to government officials. Although there are some countries that are completely friendly in this field, there are also countries that are hostile to cryptocurrencies.
IOSCO is currently working with other global bodies such as the International Monetary Fund (IMF) to clarify the importance of cryptocurrency regulations. The IMF has joined the Indian government in intensifying its work on the country’s crypto policy. The crypto regulatory “storm” in India is forming more worrying signals.
The IMF has also ask El Salvador to stop using Bitcoin as national currency. The IMF believes that “the use of Bitcoin poses significant risks to financial stability, transparency and consumer protection, as well as associated fiscal burdens.”
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