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London and Hong Kong: According to a top watchdog official, global crypto market regulators are likely to establish a single agency within the next year to better coordinate cryptocurrency laws.
Ashley Alder, Chair of the International Organization of Securities Commissions (IOSCO), stated that the rise of digital currencies such as bitcoin was one of three major issues that regulators were currently focusing on, along with Covid and climate change.
“If you look at the risks we need to address, they are multiple and there is a wall of worry about this (crypto) in the conversations at an institutional level,” On Thursday, Alder spoke at an online conference hosted by the OMFIF think group.
He identified cyber security, operational resilience, and a lack of transparency in the crypto sector as important issues that authorities are failing to address.
This week’s focus on cryptocurrency markets has increased due to more unpredictable volatility that has long frightened regulators.
Following the demise of so-called’stablecoin’ TerraUSD, the head of the Senate Banking Committee urged U.S. lawmakers on Wednesday to tighten crypto laws, while bitcoin has also dropped about 20% this week.
Alder said a global group to try to harmonise crypto laws was certainly needed, comparing it to different climate finance setups already in place, including one under the G20 group of top economies.
“There isn’t anything like that for crypto at the moment,” said Alder, who is also CEO of Hong Kong’s Securities and Futures Commission.
“But I do think now it’s seen as one of the three C’s (Covid, climate and crypto) so it’s very, very important. It has gone up the agenda, so I would not expect that to be the case the same time next year.”
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