The international watch dog urges the UK to regulate cryptocurrencies in the same way as traditional assets
Regulators from 130 jurisdictions, including the UK’s Financial Conduct Authority (FCA), should regulate crypto in the same way as stocks and bonds, according to the International Organization of Securities Commissions (Iosco). The recommendation was part of the first set of international guidelines for cryptoasset regulation. The Iosco urged members to protect investors and ensure market integrity in ways that are the same as, or consistent with, those required in traditional financial markets. MP’s on the Treasury Select Committee recommended last week that the trading of cryptocurrencies should be regulated as a form of gambling.
The SEC throws the spotlight on cryptocurrency businesses
Earlier this month, the Binance.US exchange halted accepting new users from the US and has already banned users in several US states. It comes as the SEC, the US regulator, is increasing the pressure on BitMEX and Binance after the regulator sued Coinbase and Binance. The latter two cryptocurrency exchanges were accused of breaking US regulations. The potential restriction of cryptocurrencies in the home of some of the world’s largest and most powerful technology and cryptocurrency companies highlights the current challenges that businesses in the sector are facing.
Uncertainty around how regulation of crypto will play out in UK
The Iosco’s guidelines will ultimately shape international standards, however, the UK government’s final decision on how cryptocurrencies are regulated is still outstanding. The Financial Conduct Authority (FCA) currently ensures companies comply with anti-money laundering rules and will soon be responsible for scrutinising advertisements, but its powers over the industry beyond these areas are deemed limited. It is likely the task will fall within its remit.
Read More Here https://www.theguardian.com/technology/2023/may/23/cryptocurrency-regulation-uk-international-organization-of-securities-commissions
