Global regulators are exploring creating a joint body within the next year to coordinate crypto rules, according to an article published by Reuters. Crypto key risks to play catch-up include operational resilience, cybersecurity, and lack of transparency. Each of these risks warrant a level of global attention akin to climate change and COVID, stated the International Organization of Securities Commissions (IOSCO).
In addition, IOSCO published its Crypto-Asset Roadmap for 2022-2023. The global organization will prioritize policy-focused work on crypto-asset markets and activities in the next 12 to 24 months, while continuing to monitor market developments associated with broader Fintech-related trends and innovation. IOSCO set up two workstreams. One focuses on Crypto and Digital Assets (CDA) and the other on Decentralised Finance (DeFi). Each workstream is aiming to publish a report with policy recommendations by the end of 2023.
