Global regulators have expressed their intentions to go “full steam” on cryptocurrency regulation in a recent virtual regulation meeting.
Chairman of the French financial regulator Autorité des Marchés Financiers (AMF), Robert Ophèle, and a member of the Financial Stability Board (FSB) contemplated global cryptocurrency regulation on Wednesday at a virtual conference hosted by Afore Consulting.
Ophèle asserted that regulators all over the world are following a similar “universal basic principle,” explaining:
“I do expect that for some of them, we do have international regulatory convergence … primarily stablecoins and digital asset service providers.”
The AMF executive also noted that global regulators had neglected the crypto space for too long because they deemed crypto assets incapable of threatening global financial stability. However, Ophèle asserted that crypto had made it to the top of the FSB’s list, adding:
“I do think we could achieve, deliver on these issues in the next few quarters … the FSB is going full steam on this issue.”
While FSB—mandated with monitoring and making recommendations about the global financial system—only delivers regulatory guidelines with no real power to implement these as rules, its members have shown commitment to creating regulatory frameworks in their respective jurisdictions.
Furthermore, Ophèle holds that the European Union (EU) needs to mandate an organization specifically for the crypto industry, like how the European Central Bank (ECB) is for banking. The AMF chairman explained:
“The current structure is no longer fit for the purpose with the development of cross-border digital market activities.”
Asian Countries Confused About Cryptocurrency Regulation Approach
In other news, India has yet to make a binding decision on cryptocurrency within its jurisdiction. However, the nation remained resolute on taxing the industry, as India’s Finance Minister Nirmala Sitharaman recently asserted that crypto taxation plans would roll out as planned.
Other Asian nations also remain unsettled on how best to approach the crypto space.
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