Global regulators are likely to set up a joint body next year to better coordinate the implementation of regulations for the cryptocurrency industry, IOSCO Chairman Ashley Alder has said.
According to him, the boom in digital currencies such as bitcoin has become one of the three areas that authorities are now focusing on, along with COVID-19 pandemic and climate change. He has added:
“If you look at the risks that need to be addressed, they are numerous. There is serious concern about cryptocurrencies in institutional discussions.”
In his opinion, regulators are lagging behind in addressing the top three risks to digital assets: cybersecurity threats, lack of operational stability and lack of transparency in the industry.
He believes that the need for an international group to harmonize the regulation of cryptocurrencies, by analogy with those existing for financial markets, is obvious.
