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According to Ashley Alder, chair of the International Organization of Securities Commissions (IOSCO), an alliance of market regulators, an unified entity dedicated with worldwide crypto regulation is desperately needed and might become a reality within the next year.
Alder was speaking at a think tank called the Official Monetary and Financial Institutions Forum's online conference (OMFIF). The expansion of digital currency markets and their expanding relationship to conventional finance, according to Alder, who is also the CEO of Hong Kong's Securities and Futures Commission, has made crypto a major focus area for regulators throughout the world.
"Crypto has clearly catapulted up the agenda," Alder said, noting that crypto is now one of the three "C's" that authorities are focusing on, along with COVID and climate change.
This week, the financial world has been focusing on cryptocurrency as markets have fallen, compounded by the collapse of the stablecoin terraUSD (UST). Bitcoin (BTC) was trading at a 16-month low early Thursday.
"If you look at the dangers we need to handle, they're numerous, and there's a wall of concern about [crypto] in institutional dialogues," Alder added.
A global committee to coordinate crypto regulations, according to Alder, is plainly required. Despite the relevance of crypto in the global discourse, Alder stated that global climate financing efforts are "far ahead" of crypto legislation.
"At the present, there isn't anything like that for crypto," Alder said, adding that this will most certainly change by the same time next year.
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