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Global market regulators are likely to launch a joint crypto regulation body within the next year to better co-ordinate cryptocurrency rules, said Ashley Alder, IOSCO Chairman, during an online conference organised by the OMFIF thinktank on Thursday.
Commenting on the IOSCO proposal, Przemyslaw Kral, CEO of Zonda, said:
“The International Organization of Securities Commissions (IOSCO) has this week called for one rule to rule them all in the cryptoverse, stating that developing a global cryptocurrency regulatory body is a top priority for this year. We should make no mistake, the establishment of a global regulator would be a landmark moment for the digital currency industry, and bring greater stability to an often volatile market, with this week being no exception. The IOSCO is not alone, the Financial Stability Board (FSB) has also recently called for a global regulatory framework, while at a national level, Switzerland, Estonia, Gibraltar and Lithuania are all pressing forward with their regulatory blueprints, and in the UK, the FCA conducted a major crypto sprint this week.”
“At Zonda, we believe crypto will only reach its full potential when it’s brought into the light, with universal rules laying out the carpet for truly far-reaching and safe crypto adoption. A global regulatory body has the potential to provide clarity, cohesion, and policing for national governments, businesses, and trading platforms, with the ultimate aim of better protecting consumers. At Zonda we only operate in markets that have granted our platform full regulatory approval, and recently become the first European exchange to do so in Canada, and expect to follow suit in Switzerland soon too. A lot of platforms are dragging their heels on regulation, but the writing is very much on the wall, and we should be leaning in to create the world we want to see.”
Zonda is Eastern and Central Europe’s largest regulated digital currency exchange, with more than a million active users.
