A possible worldwide cooperation initiative on the regulation of cryptocurrencies by the next year has been hinted at by the International Organization of Securities Commissions (IOSCO) chairperson Ashley Alder, Reuters reports.
Alder thinks that as an increasingly-growing industry, crypto deserves worldwide cooperation and coordination of regulation. She even classified the digital assets industry as one of the three biggest matters that need to be addressed globally:
“I do think now it’s seen as one of the three C’s (COVID, climate, and crypto) so it’s very, very important. It has gone up the agenda, so I would not expect that to be the case at the same time next year [...] 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.”
While Alder is basing her statements on cryptocurrencies on cyber security concerns, and not enough transparency in the digital assets industry, which many countries have successfully dealt with already, a worldwide initiative could prove fruitful for international transactions and overall global adoption.
It is clear at the moment that crypto is here to stay, despite the last few turbulent months on the market. Countries are adopting Bitcoin left and right, and institutions are getting positive attitudes toward it. Global coordination might be exactly what the sector needs at the moment.