The International Organization of Securities Commissions (IOSCO) has called on global regulators to be faster and bolder when it comes to cryptocurrency markets.
IOSCO, the umbrella group for global markets regulators, has released an 18-point plan to rein in the “wild west” of finance.
Martin Moloney, secretary-general of IOSCO, said: “The diversity we’ve got at the moment across jurisdictions is not that they’re moving in different directions, but that they haven’t gone far enough in the direction that they all know they should go in.
“What we would say to jurisdictions is just push ahead. They’ve all got different legal frameworks, different regulatory frameworks. Just push ahead, do it to this standard as quickly as you can. It’s not helpful for anyone to hold back at this point,” he added.
The European Union (EU) finalised the Markets in Crypto Assets Regulation (MiCA) last week, and the UK is in the early stages of developing its own regulations, which could be seen in place within the next 12 months.
IOSCO is also concerned about conflicts of interest by service providers. Many crypto exchanges also offer services such as broking, trading, custody and market-making, and these services are usually separate from each other in traditional financial firms.
Lim Tuang Lee, Chairperson of the IOSCO Board-Level Fintech Task Force, said: “Crypto-asset service providers need to address unacceptable conflicts of interest and take far more seriously the right of clients to have their monies and assets carefully minded and accounted for.”
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