Several countries are likely to come together by next year for devising a coordinated approach toward regulating crypto assets, according to IOSCO’s (International Organisation of Securities Commissions) Board Chair Ashley Alder, who is also the CEO of Hong Kong’s Securities and Futures Commission. “I'd use the word exploratory more than anything else at an international level; It's quite early. There are so many international efforts— the International Standards Board, the G-20 Group, etc. There isn't anything like that for crypto at the moment but I would not expect that to be the case next year. It is bound to change,” Alder said during a conversation with Philip Middleton. Middleton is the Chairman of OMFIF Digital Monetary Institute— a think tank for central banking, economic policy, and public investment. The conversation dealt with crypto assets and how regulators must approach them. The regulation of platforms such as crypto exchanges is on the horizon in the medium term. Concepts like suitability disclosure, valuation, risk management, etc., will come to be incorporated into the crypto world, Adler said. He also did not buy the notion that crypto platforms will get to operate autonomously or independently of conventional regulation. “The intersection between conventional financial services and crypto is where it is going to be headed,” Alder said, adding that the anti-money laundering aspect will be important as well from a regulatory point of view. Alder’s comments indicate that a global regulatory body is on the cards for crypto given its cross-border characteristics. It also…
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When will the world see a global crypto regulatory body?
Top official sheds light on the regulatory challenges of crypto.
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