The International Organization of Securities
Commissions (IOSCO), a global body for securities regulators, has put forward
18 recommendations to regulate the global crypto industry. The recommendations
cover six key areas such as market manipulation, insider trading and fraud
as well as conflict of interest arising from ‘vertical integration’ of various
activities and functions by crypto firms.
Other key areas covered include cross-border
risks and regulatory cooperation, custody and client asset protection,
operational and technological risk, and retail access, suitability and
distribution. The global regulatory body plans to finalize the recommendations by early fourth quarter
IOSCO announces global crypto regulation recommendations.
📍 Link to the Consultation Report 🔗 https://t.co/Je0UQulWFs
📍 Link to Press Release 🔗 https://t.co/gf9qXuYdwE
📍 Link to the Crypto-Asset Roadmap 2022/2023 🔗 https://t.co/Rcth0NkMmt#CryptoAssets#Regulationpic.twitter.com/aqXPmUmQJN
— IOSCO Press (@IOSCOPress) May 23, 2023
According to IOSCO, many crypto firms adopt a
‘vertically integrated’ business model where they engage in multiple activities
such as exchange trading, brokerage, market-marking, custody and settlements
under ‘one roof.’ The global watchdog believes that this creates conflicts of
interest for the firms.
It is, therefore, proposing that crypto asset service providers…
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