International Organization of Securities Commissions (IOSCO) has hinted at the launch of a joint body next year, envisioning better coordination of rules governing cryptocurrencies.
IOSCO is a Spain-based association of organizations that regulate the world’s securities and futures markets. Securities commissions and financial and future regulators from each country are members of IOSCO.
Addressing an online conference on Thursday, Chairperson IOSCO, Ashley Alder, said that IOSCO is now focused on three main areas, with cryptocurrencies being one of them. COVID-19 and climate change are the other two areas closely monitored by the IOSCO.
He added that there are multiple risks such as cyber security, operational resilience, and lack of transparency that must be addressed before the launch of the joint body.
Chairperson IOSCO said that a body to regulate the rules relating to cryptocurrencies is the need of the hour. The regulating body will be similar to the one being operated by the G20 group for climate change financing.
He added that cryptocurrencies, climate change, and COVID-19 make up the three Cs that are at the top of IOSCO’s agenda for next year and comprehensive measures will be taken to deal with them effectively.