Regulators Plan to Create Global Oversight Body for Crypto Sector
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13 May

Ashley Alder, president of the International Organization of Securities Commissions (IOSCO), has said that next year global regulators are likely to create a joint body to better coordinate the implementation of rules for the cryptocurrency sector, Reuters has reported.

According to him, the rise of digital currencies such as Bitcoin has become one of three areas authorities are now focusing on, along with covid-19 and climate change.

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Alder has added:

"If you look at the risks we need to address, they are multiple and there is a wall of worry about this (crypto) in the conversations at an institutional level."

He has said that regulators are lagging behind in addressing the three main risks related to digital assets: cybersecurity threats, lack of operational resilience and lack of transparency in the industry.

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Alder has stressed that the need for an international group to harmonize the regulation of cryptocurrencies, by analogy with those existing for financial markets, is obvious.

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