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There is a chance that the same rules will apply to all crypto markets worldwide by 2023, at least, that’s what Ashley Alder hints. He is the chairman of the International Organization of Securities Commissions (IOSCO), a global financial watchdog.

IOSCO is a partnership of organizations that regulate global markets. Members are usually national security and/or futures regulators or the main financial regulator of a country. The AFM is a member of IOSCO on behalf of the Netherlands. Based in Madrid, the organization has members from more than 100 countries, regulating a minimum of 95 percent of the markets.

According to ‘our’ AFM, IOSCO is the international ‘standard setter for securities markets’. This means that it agrees on general principles that serve as a starting point for regional and national supervisors on the supervision of securities markets.

According to a Reuters article, Alder says that as the crypto sector is growing, it really should be covered by IOSCO as well. What a surprise. He calls crypto part of the three Cs:

COVID-19

Climate

Cryptocurrency

“But I do think it’s now seen as one of the three C’s (COVID, climate and crypto), so it’s very important. It’s moved up the agenda, so I don’t expect it to be at the same time next year. If you look at the risks that we need to address, they are many and there is a wall of concern about this in the institutional level talks,” Alder said.

Incidentally, in addition to being chairman of IOSCO, Alder is also CEO of the financial watchdog of Hong Kong.

Speaking online at the OMFIF think tank on Thursday, May 12, Alder noted that the motivation for collaborative crypto regulation stems from concerns about cybersecurity, operational resilience and a lack of transparency in the crypto sector.

The official also added that a cryptocurrency regulatory body is needed, as other emerging sectors such as climate finance also need it.

Almost every country has its own regulations, without much consistency to its neighbours, with no unanimity of regulation to be found anywhere in the world. Yet it’s clear that politicians in particular are calling for regulation, so that they finally have a stick to wield, or have a reason to let crypto take its course.

There are the type of countries you could label as crypto-friendly, while others have a more hostile attitude. But it is not so black and white, there are countries that are very good for users, but bad for crypto companies, and vice versa.

In addition, there are global organizations that think they have something to say about the laws and rules of sovereign states. Think of the International Monetary Fund, which mainly puts pressure on developing countries that need help to adopt an anti-crypto policy. IOSCO looks set to become the next global organization seeking to influence the markets of sovereign states.

It is not yet clear what exactly they want and how they are going to approach this. Hopefully, they ignore the IMF’s proposed policy. In the absence of a global framework for regulation, the IMF issued guidelines in December to set up the global regulatory approach for cryptocurrency.

The post Global cryptocurrency regulations possible in 2023 appeared first on Coin Journal.

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