Jean-Paul Servais, the fledgling president of IOSCO, argued that the principles used to regulate industries such as credit rating agencies could be applied directly to the cryptocurrency space, without having to start from scratch in regulating cryptocurrency platforms.
Regulators have long resisted the urge to write new rules for crypto assets like Bitcoin. However ReutersSpeaking to .
“Two or three years ago, there was not the same level of urgency,” Servais said. Some people argue that crypto is not yet a major global issue and risk, which is causing a difference of opinion.” made the statement.
All attention is on platforms where stablecoins are traded.
The International Organization of Securities Commissions (IOSCO), which coordinates rules for G20 countries and others, has established a set of principles for regulating stablecoins. Now, attention is turning to platforms that trade with them.
Madrid-based IOSCO is seen as an umbrella body for institutions that oversee markets, such as the Securities and Exchange Commission in the US, Bafin in Germany, the Japan Financial Services Agency and the UK Financial Conduct Authority.
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