Regulators Intend to Create a Global Oversight Body For the Crypto Industry

IOSCO Chairman Ashley Alder said that in 2023, global regulators are likely to create a joint body to coordinate the implementation of rules for the crypto industry.

According to Reuters, Alder said the digital currency boom has become one of three areas that authorities are now focusing on, along with COVID-19 and climate change.

In his opinion, regulators are lagging behind in terms of addressing threats in cybersecurity, ensuring sufficient operational resilience and transparency in the industry.

He also noted that the need for an international group to harmonize the regulation of cryptocurrencies, by analogy with those existing for financial markets, is obvious, and therefore the creation of a global regulatory body for the crypto-currency sector is possible as early as next year.

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