May 25, 2022

A global regulator of cryptocurrencies may appear next year

The regulators of the world market are likely to create within the next year an body that will coordinate the creation of rules for cryptocurrencies, writes Reuters.

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Chairman of the International Organization of Commissionsin securities, Ashley Alder said that the boom in digital currencies, such as bitcoin, is one of the three main areas on which authorities are currently concentrated, along with COVID and change.

“If you look at the risks we needeliminate, you will see that there are many of them, and in conversations at the institutional level there is concern about this (cryptocurrency),” Alder said during an online conference.

He named cyber security, operational stability and the lack of transparency in the crypto world as key risks for which regulators do not yet have a ready position.

Alder said that a global group that will develop the rules for cryptocurrencies is needed to the same extent as the G20 alliance of leading economies.

“At the moment, there is nothing like this for cryptocurrencies,” said Alder, who is also the CEO of the Hong Kong Securities and Futures Commission.

“I really think that now this is one ofthe three main problems (COVID, climate and cryptocurrencies), so this is very, very important. Now the topic is on the agenda, but I expect that progress will occur next year.

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