Crypto rules: International securities watchdog offers first set of global rules for the crypto industry

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International securities watchdog IOSCO unveiled the world’s first approach to regulating crypto-asset and digital markets on Tuesday, drawing lessons from last year’s crash of the FTX stock exchange that fueled concerns about consumer protection.

The industry, which usually only has to comply with anti-money laundering controls, has called for a global approach to regulation as different jurisdictions follow their own rules.

The measures come after crypto exchange FTX began bankruptcy proceedings in the United States last November following a liquidity crisis that prompted the intervention of regulators around the world. -Paul Servais, who chairs the International Organization of Securities Commissions (IOSCO).

The proposed standards cover the management of conflicts of interest, market manipulation, cross-border regulatory cooperation, custody of crypto-assets, operational risks and treatment of retail clients.

The 18 planned measures apply long-established safeguards in traditional markets to eliminate conflicts of interest between different parties in a crypto transaction.

Discover the stories that matter to youThe watchdog said it aims to finalize the standards by the end of the year and expects its 130 members worldwide to use them to quickly close gaps in their regulations. and Exchange Commission, Japan’s Financial Services Agency, the UK’s Financial Conduct Authority and Germany’s BaFin, survey public opinion on regulation.

The step follows the European Union’s finalization this month of the world’s first set of comprehensive rules, pressuring Britain, the United States and other countries to develop their own standards. .

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