The International Organization of Securities Commissions (IOSCO), an association of securities regulators from around the world, is developing policy recommendations for crypto, according to a road map published Friday.
- The IOSCO's fintech task force, set up in March, will prioritize policy-focused work relating to crypto assets for the next 12 months to 24 months, according to the document.
- Two working groups – one headed by the U.S. Securities and Exchange Commission and the other by the U.K. Financial Conduct Authority – have agreed to publish reports with recommendations for decentralized finance (DeFi) and crypto assets respectively by the end of 2023.
- Financial regulators around the world are scrambling to set up comprehensive rules for the crypto industry after markets collapsed earlier this year, wiping out a number of high-profile companies and billions of dollars from the industry.
- IOSCO members regulate securities markets in about 130 jurisdictions. The fintech task force includes 27 of the 33 board member jurisdictions and is chaired by the Monetary Authority of Singapore.
- Both working groups will focus on issues relating to market integrity and investor protection, and provide guidance on how existing regulatory frameworks for securities could be applied to digital assets.
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