Comment On IOSCO Crypto Market Recommendations, From Kroll

Haydn Jones, Global Lead of Blockchain and Crypto solutions at Kroll, comments:

“The recommendations published today by IOSCO are an important push for jurisdictions around the world to get on with regulating crypto assets. We already know that cryptocurrencies can be highly regulatable. Much of the data associated with many leading cryptocurrencies is in publicly accessible digital ledgers, meaning that the FCA, or any other regulator around the world, should be able to examine the regulatory compliance of transactions or holdings at any time. Putting in place the frameworks to do so is a vital step in order to protect against criminal activity, but also to allow for everyone to benefit from the underlying technology that cryptocurrencies rely on.

“This underlying tech is already being used to explore new forms of tradable assets and securities, unlocking the efficiencies and reduced frictional costs that digital asset technology allows. This process has already begun, and we’ve seen a recent wave of high-profile institutions making investment in their digital asset infrastructure and partnering with cryptocurrency-focused organsiations. The adoption of clear regulatory frameworks could well accelerate this, as organisations come to clearly see the value and potential in the technology.”