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Stephen Fa
May 16, 2023 6:07PM ET
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Global securities watchdog to propose rules for cryptoassets
Published May 16, 2023 08:12AM ET
Updated May 16, 2023 05:27PM ET
© Reuters. FILE PHOTO: Souvenir tokens representing cryptocurrency Bitcoin and the Ethereum network, with its native token ether, plunge into water in this illustration taken May 17, 2022. REUTERS/Dado Ruvic/File Photo
LONDON (Reuters) - Global regulators will shortly propose the first set of international rules for cryptoassets, including how existing norms could apply to the sector, a top regulator said on Tuesday.
Cryptoasset companies are calling for a globally-coordinated approach to give certainty to the sector as they face a "fire hose" of differing approaches.
The European Union on Tuesday approved a first set of comprehensive rules, a step firms said would attract them to set up shop in the bloc.
"Once finalised the recommendations will deliver a first globally coordinated set of rules for crypto-assets," Jean-Paul Servais, chair of global securities regulatory body IOSCO told an event held by the Managed Funds Association in Paris.
IOSCO members, such as the U.S. Securities and Exchange Commission, Japan's Financial Services Authority and regulators in Britain, Germany and France commit to applying the body's recommendations.
The collapse of large crypto players, such as FTX, and recent market events have supercharged "my determination to deliver on this agenda", Servais said.
"As I have repeatedly said, the IOSCO recommendations will clarify the extent to which existing principles and guidance could apply to cross border virtual assets and services providers," Servais said.
Servais, who also chairs Belgium's securities watchdog, also said that private finance will be a new priority for IOSCO's work this year.
"The renewed regulatory interest in this area comes from the unprecedented growth of private finance, its increasing role in funding the real economy, and its increasing interconnectivity with regulated public markets," Servais said.
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