The International Organisation of Securities Commissions (IOSCO) has proposed the first set of global rules for the crypto industry, calling for greater oversight of and disclosure from the sector.
In a press conference today (23 May), the international regulator set out an 18-point blueprint for regulators to properly manage the risks from the crypto industry, broken into six key areas. The first, conflicts of interest, was especially centred around the widespread vertical integration of various crypto activities ‘under one roof', which the report emphasised should be properly disclosed and separated. Tuang Lee Lim, chair of the IOSCO Board-Level Fintech Task Force, pointed to the recent collapse of FTX as a prime example, noting how the brokerage also operated a trading house,...
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