IOSCO Proposes First Global Rules for Regulation of Cryptocurrencies
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International Organization of Securities Commissions (IOSCO) published a list of recommendations for regulating the cryptocurrency market, which can become the basis for global rules.
The 18 recommendations proposed by the organization should eliminate the difference in the regulation of cryptocurrencies in individual jurisdictions and are generally similar to those that apply in traditional financial markets. In particular, IOSCO prescribed how regulators in different countries need to deal with the illegal actions of market participants, what kind of information they should disclose about themselves, and how companies should handle customer data and assets.
IOSCO’s proposals, which include national securities market regulators, will be discussed with them and finalized, and the organization intends to publish the final version of the document in the fourth quarter of this year.
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