International Body to Regulate Crypto Rules is Launching Next Year

The International Organization of Securities Commissions (IOSCO) has hinted at the formation of a single organization next year, with the goal of bettering the coordination of cryptocurrency regulations.

The International Body for Securities Commissions and Exchanges (IOSCO) is a Spanish-based organization that regulates the world’s securities and futures markets. Each country’s securities commissioners, as well as financial and future regulators, are members of IOSCO.

Ashley Alder, Chairperson of IOSCO, stated at an online conference on Thursday that IOSCO is currently focused on three primary areas, one of which is cryptocurrency. COVID-19 and climate change are the other two issues that the IOSCO constantly monitors.

He went on to say that there are a number of concerns to be addressed before the joint organization is launched, including cyber security, operational resilience, and a lack of transparency. The necessity for a body to regulate the rules relating to cryptocurrencies, according to IOSCO Chairperson, is urgent. The regulating body will be comparable to the one that the G20 group uses to finance climate change.

He went on to say that the three Cs that are at the top of IOSCO’s agenda for next year are cryptocurrencies, climate change, and COVID-19, and that comprehensive steps will be made to deal with them properly.

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