- The Commission has published a set of recommendations for other regulators
- You can leave a response on the document until July 31 inclusive
On Tuesday, May 23, the International Organization of Securities Commissions (IOSCO) published its set of rules regarding the regulation of the digital asset sector. The organization asks interested parties to submit their opinions by 31 July.
The document sets out 18 main recommendations that cover the following issues:
- general standards of regulatory policy;
- risk management, investor protection measures;
- international cooperation of regulatory authorities;
- rules for the provision of custodial services;
- separation of corporate and personal funds of clients;
- information disclosure;
- market abuse and price manipulation.
Once approved, the set of recommendations will serve as a “framework” for policy-making by individual regulators. Depending on the format in which the document is finally adopted, the general nature of subsequent supervisory measures also depends.
“As we were reminded in the G7 communiqué of finance ministers, it is time to put an end to regulatory uncertainty. Our consultation paper received the unanimous support of the IOSCO Board and is the result of an intensive period of analysis of the sector, its potential and associated risks. This is a turning point in addressing weaknesses in investor and market protection.” President of the organization Jean-Paul Servais.
Recall that the members of the “Big Seven” insist on the widespread implementation of the “Travel Rule” from the FATF. This will allow authorities from different jurisdictions to exchange information and eliminate “grey areas” in the legal field.