After the bankruptcy of one of the main cryptocurrency exchanges FTX, banking and stock exchange authorities around the world called for the regulation of this sector. The International Coordination Body of Financial Authorities (IOSCO), has just unveiled this Tuesday, May 23, a regulatory framework to better control platforms for the purchase and sale of cryptocurrencies.
For market regulators, the cryptocurrency industry must be subject to the same regulations as the traditional financial sector. Many platforms such as FTX escape all control by registering in tax havens, the Bahamas in this case for FTX, hence the need for international harmonization.
The regulatory framework unveiled by IOSCO includes eighteen measures which are under study and should be finalized by the end of the year. They have a dual purpose : protect investors and preserve market integrity. They notably cover the management of conflicts of interest, cross-border regulatory cooperation, operational risks and client protection.
Stricter frameworks in the United States and across Europe
Alongside this desire for global regulation of cryptocurrencies, many countries are beefing up their supervision. THE UNITED STATESthe country where the majority of digital trading takes place, has just announced a new bill aimed at firmly controlling this industry.
The European Parliament also adopted, last April, rules to regulate cryptocurrencies.
>> To read also: The European Parliament sets a framework for the cryptocurrency sector