According to a senior watchdog official, global crypto regulating organization would be established within the next year. Ashley Alder, CEO of the Hong Kong Securities and Futures Commission and chairman of the International Organization of Securities Commissions says a global crypto regulatory organization would likely be established by 2023. (IOSCO).
Alder indicated during an online conference hosted by the Official Monetary and Financial Institutions Forum on Thursday that digital currencies like Bitcoin were one of the three primary issues on which world authorities were now focused, alongside Covid-19 and climate change.
He stated:
“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,”
Climate, COVID, and Crypto, according to Alder, are all highly critical issues that should be treated as equally risky problems. According to Alder, the solution lies in the creation of a global unified regulator. The one regulator that could best unify crypto rules all over the world, akin to the G20’s already created climate finance group. Alder’s remarks come at a time when the cryptocurrency market is undergoing significant volatility.
Terra’s downfall has sent ripples across the market, with leading cryptocurrency Bitcoin down 27 percent since the beginning of the week.
At a congressional hearing on May 10, US Treasury Secretary Janet Yellen mentioned UST’s decline in the context of stablecoin regulation. When the dust settles, regulators are likely to point to UST’s failure as evidence of the necessity for a global crypto regulatory authority.
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