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International Watchdog Proposes Global Rules For Crypto

The International Organization of Securities Commissions (IOSCO) has unveiled the first set of rules aimed at regulating cryptocurrencies on a global scale.

The industry, which, until now, only had to comply with anti-money laundering laws, has been calling for a uniform set of global regulations as different jurisdictions implement their own patchwork rules.

IOSCO is an umbrella group of regulators such as the U.S. Securities and Exchange Commission (SEC), Japan's Financial Services Agency, Britain's Financial Conduct Authority, and Germany's BaFin.

Efforts to regulate cryptocurrencies such as Bitcoin (BTC) and Ethereum (ETH) have intensified following the $8 billion U.S. collapse last year of crypto exchange FTX.

The European Parliament recently passed sweeping new crypto regulations that require lenders and exchanges dealing in digital assets to register for a license to operate on the continent.

The new rules proposed by IOSCO cover issues such as conflicts of interest, market manipulation, cross-border regulatory cooperation, custody of crypto assets, operational risks, and the treatment of retail investors.

The 18 regulations that have been proposed apply safeguards from mainstream markets to help make trading and dealing in cryptocurrencies less risky for retail investors and consumers.

The watchdog said it hopes to finalize its crypto regulations by year’s end and expects its 130 members to use them to plug gaps in their existing rules.

IOSCO said it also plans to issue recommendations this year to regulate decentralized finance (DeFi) transactions.