Global Cryptocurrency Legislation May be Achievable by 2023
The International Organization for Standardization (IOSCO) is a group of organizations responsible for regulating worldwide markets. Members are typically national defense and futures authorities or the country’s chief financial regulator. The AFM participates in IOSCO as a national member organization on behalf of the Netherlands. At least 95% of the world’s markets are regulated by the Madrid-based organization, with members from over 100 nations.
Based on AFM’s statement, the IOSCO remains the global standard-setter for securities markets. As a result, regional and national securities market regulators can use these principles as a preliminary step when enforcing their policies.
Climate Change, COVID, and Cryptocurrency
Based on a Reuters report, Alder believes that as the cryptocurrency industry grows, IOSCO should regulate it. What a pleasant surprise. According to him, cryptography is one of the three Cs: Climate, COVID-19, and Cryptocurrency.
According to Alder, he believes it is now recognized as a part of the three C’s (COVID, climate, and cryptocurrency). Thus, it is critical. Next year, you may expect a different date, as it’s pushed up the agenda. Everyone has to manage several hazards, which is a major worry in institutional discussions. On the other hand, Alder happens to be Hong Kong’s financial watchdog, the Securities and Futures Commission’s CEO.
Certain Factors are Lacking
On May 12th, Alder spoke online at the OMFIF research institute about the need for joint cryptocurrency regulation because of worries about cybersecurity, operational resilience, and a lack of transparency in the crypto business. According to the source, another developing area, like climate financing, needs a cryptocurrency regulatory authority.
Almost all nations have their set of rules, with no stability with their neighbors and no regulatory consensus anywhere on the planet. However, it is evident that politicians, specifically, are pushing for regulation to secure a stick to wield or a cause to let cryptocurrency serve its purpose.
Some countries can be classified as cryptocurrency-friendly, whereas others are more unfriendly. However, not everything is black and white; certain nations are great for people but terrible for cryptocurrency firms, and vice versa.
Pressurizing Nations
Furthermore, there are international organizations that believe they have a say in the laws and regulations of sovereign states. Consider the IMF, which primarily pressures developing governments in need of assistance to adopt anti-cryptocurrency policies. An international group called IOSCO appears to be the next in line to exert influence over sovereign state markets.
What they seek and how they intend to do it are still a mystery. They should, hopefully, disregard the IMF’s policy recommendations. IMF published instructions in December to set up a worldwide regulatory approach to bitcoin because there was no global framework for regulation.
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