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ICBA expressed support for the International Organization of Securities Commissions’ recommendations for establishing policies on decentralized finance.
Background: IOSCO last month issued the recommendations calling for more consistent regulatory frameworks and oversight across its member jurisdictions. IOSCO is the international body of securities regulators.
ICBA Comments: In a comment letter, ICBA said IOSCO’s recommendations will:
Help member nations identify and manage key risks, ensure clear and comprehensive disclosures, enforce applicable laws and regulations, and foster cross-border cooperation.
Provide nations with a solid foundation to address challenges presented by crypto-assets.
Previous Advocacy: In previous letters, ICBA said:
IOSCO’s separate policy recommendations for digital assets markets—the first attempt to establish baseline crypto policies—are prudent steps to safeguard the financial system from crypto.
Most crypto assets likely qualify as securities, so it supports the Securities and Exchange Commission’s efforts to apply securities laws and regulations to crypto entities.
Outlook: IOSCO is scheduled to publish its final recommendations by the end of the year.