Ashley Alder, Chairman of the International Organization of Securities Commissions (IOSCO), believes that the level of development of the crypto industry requires global oversight of digital assets.
Chairman of the International Organization of Securities Commissions (IOSCO) Ashley Alder during an online conference of the think tank Official Monetary and Financial Institutions Forum (OMFIF) said that associations of market regulators need an agency capable of coordinating all regulators of cryptocurrencies. According to him, perhaps as early as 2023 a single global supervisory authority for regulating digital assets will be formed.
Alder, who is also the CEO of the Hong Kong Securities and Futures Commission, noted that the development of cryptocurrency markets, their increased connection with the traditional financial system, has made digital assets a priority area for regulators around the world.
“Cryptocurrency has clearly become the order of the day“- said Alder and added that digital assets are now one of the three “Cwhich represent a high priority area for regulators, along with COVID and climate change.
In his speech, Alder drew attention to the situation in the digital asset market, which led to the fall of the UST stablecoin, and stated that there are issues that can only be resolved by the coordination of world regulators at the global level.
“If you look at the risks that we need to address, you will see that there are a lot of them, and there is a wall of anxiety in the conversations at the institutional level about the crypto industry” – said the head of IOSCO.
Alder stressed that the global supervisory authority to coordinate the regulation of cryptocurrencies “clearly needed“.
The Chairman of the Hong Kong Securities and Futures Commission noted that global climate finance efforts “far ahead of» initiatives to regulate cryptocurrencies, despite the importance of digital assets in the global dialogue.
“At the moment, there is nothing similar for cryptography”he said, adding that this situation is likely to change by the same time next year.
Recall that in February, the list of priorities of the Federal Deposit Insurance Corporation (FDIC) was replenished with an item related to the assessment of cryptocurrency risks.