The international body of securities regulators, IOSCO, has outlined a work program on crypto-assets, which will feed into the Financial Stability Board’s (FSBs) agenda on the topic. Last week the U.S. Treasury emphasized its work on digital assets would involve coordination with international bodies and those setting standards. Additionally, today the FSB reiterated the need for action on crypto-assets.
IOSCO is planning two crypto-related workstreams, one for crypto and digital assets, and the other for decentralized finance (DeFi). Both of them will report back in Q4 of 2023.
For crypto and digital assets, the focus is on the markets: whether they are fair, orderly and transparent and the extent to which market manipulation exists. In the United States, the SEC has refused to give any cash Bitcoin ETF the green light because of concerns over market manipulation. The UK’s Financial Conduct Authority will lead the workstream, which will explore regulatory considerations in each jurisdiction.
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