Market regulators from several countries could create a new agency next year to coordinate the rules for the distribution of cryptocurrencies. This was reported by Reuters, referring to Ashley Alder (Ashley Alder), who is the chairman of International Organization of Securities Commissions.
According to Mr. Alder, the rise of digital currencies is now one the most important topics. He believes that cybersecurity, financial stability, lack of transparency and lack of transparency are the most important risks in the field. The regulators currently in place do not have enough resources to address them. This week has seen a rise in interest in cryptocurrency by various departments. The result has been extreme volatility in the market. In just one day, $200 billion was withdrawn.
After the collapse of TerraUSD, the stablecoin TerraUSD, and the 20% drop in bitcoin’s value, the Chairman of the US Senate Banking Committee urged lawmakers to tighten rules for cryptocurrency circulation. A global cryptocurrency regulator is needed to harmonize national norms, Mr. Alder said. “At the moment, there is nothing similar in the field of cryptocurrencies. However, it is now being considered one of the three Cs (coronavirus; climate; cryptocurrencies), so it is a very important question.— concluded the chairman of IOSCO.