;
The International Organization of Securities Commissions (IOSCO), the international securities watchdog, has recently proposed global standards for the crypto industry.
The move marked the first global attempt to regulate crypto assets and digital markets.
- IOSCO Chair Jean-Paul Servais said the proposed rules represent a turning point in dealing with risks from crypto assets.
- Servais also stated that the crypto industry has been allowed to expand on a false foundation, which has to change.
- The issues, which the proposed regulations aim to tackle, include conflicts of interest, market manipulation, cross-border regulatory cooperation, crypto asset custody, operational risks, and treatment of retail customers.
- The guideline consists of 18 measures that include well-established safeguards already implemented in existing markets.
- The watchdog aims to finalize the standards by the end of the year after collecting public opinion on the regulations.
- The agency expects its 130 members to adopt the standards to fill in the gaps in their national rules, preventing a fragmented regulation approach.
- IOSCO is an umbrella group of securities commissions and regulators worldwide.
- The watchdog's members include the U.S. Securities and Exchange Commission (SEC), Japan's Financial Services Agency (FSA), Britain's Financial Conduct Authority (FCA), and Germany's BaFin.