Moneycontrol PRO
Upcoming Event:Super25 3.0- India’s Largest Online Stock Traders Conference brought to you by Moneycontrol Pro & Espresso
you are here: HomeNewsWorld

Global crypto regulation body likely in next year, top official says

Ashley Alder, chair of the International Organization of Securities Commissions (IOSCO) said the boom in digital currencies such as bitcoin was one of the three main areas authorities were now focused on, alongside COVID and climate change.

May 13, 2022 / 07:19 AM IST
A Bitcoin logo sign outside a cryptocurrency exchange kiosk in Istanbul, Turkey, on Tuesday, April 26, 2022. Both tech stocks and Bitcoin have notched big swings this year as the Federal Reserve becomes less accommodative as part of its fight to combat inflation. Photographer: Erhan Demirtas/Bloomberg

A Bitcoin logo sign outside a cryptocurrency exchange kiosk in Istanbul, Turkey, on Tuesday, April 26, 2022. Both tech stocks and Bitcoin have notched big swings this year as the Federal Reserve becomes less accommodative as part of its fight to combat inflation. Photographer: Erhan Demirtas/Bloomberg


Global market regulators are likely to launch a joint body within the next year to better co-ordinate cryptocurrency rules, a senior watchdog official has said.


Ashley Alder, chair of the International Organization of Securities Commissions (IOSCO) said the boom in digital currencies such as bitcoin was one of the three main areas authorities were now focused on, alongside COVID and climate change.


"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," Alder said during an online conference organised by the OMFIF thinktank on Thursday.


He cited cyber security, operational resilience, and a lack of transparency in the crypto world as the key risks that regulators are lagging behind on.


Focus on crypto markets has intensified again this week amid more wild volatility that has long-alarmed watchdogs.

Close

The collapse of so-called 'stablecoin' TerraUSD saw the chairman of the Senate Banking Committee on Wednesday urge U.S. lawmakers to toughen up crypto regulations, while bitcoin has also slumped nearly 20% this week.


Alder said a global group that tried to align crypto rules was clearly needed, likening it to various set-ups already in place for climate finance, including one under the G20 group of leading economies.


"There isn't anything like that for crypto at the moment," said Alder, who is also CEO of Hong Kong's Securities and Futures Commission.

"But I do think now it's seen as one of the three C's (COVID, climate and crypto) so it's very, very important. It has gone up the agenda, so I would not expect that to be the case the same time next year."



Download your money calendar for 2022-23 here and keep your dates with your moneybox, investments, taxes

Reuters
first published: May 13, 2022 07:19 am
Sections
ISO 27001 - BSI Assurance Mark