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Regulators will create a global oversight body for the bitcoin industry

Next year, global regulators are likely to create a joint body to better coordinate the implementation of rules for the cryptocurrency industry, the chairman said. IOSCO Ashley Alder. It is reported by Reuters.

The boom in digital currencies like bitcoin has become one of three areas that authorities are now focusing on, along with COVID-19 and climate change, he said.

“If you look at the risks that need to be addressed, they are multiple. There is serious concern about [криптовалют] in institutional discussions,” Alder said.

In his opinion, regulators are lagging behind in addressing the three main risks regarding digital assets: threats to cybersecurity, lack of operational resilience, and a lack of transparency in the industry.

The need for an international group to harmonize the regulation of cryptocurrencies, by analogy with those existing for financial markets, is obvious, the head of IOSCO believes. There is nothing like it yet, he added.

“But I guess there is an understanding of the importance and it has become the order of the day. So I would expect it sometime next year,” Alder said.

Earlier, ECB Board member Fabio Panetta called for coordinating the global regulation of cryptocurrencies.

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My profession is a journalist, but my hobby for 8 years has been studying Forex investing and trading. During this time, I managed to gain extensive experience in investing and trading cryptocurrencies and double my capital in the Forex market. To be the author of this magazine, the site owners invited me to participate in one of the 2020 trading webinars, and I will try to reveal the most relevant crypto market news for you.

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