The bankruptcies of issuers, exchanges and hedge funds have provided additional incentives for the desire to create a comprehensive regulation of digital assets. It has been announced IMF.

The failures of crypto issuers, exchanges, and hedge funds have given impetus to the pressure to regulate these digital assets. Read more at F&D. https://t.co/Vfyr4uN6NY pic.twitter.com/4LF9P3DZpc

— IMF (@IMFNews) September 5, 2022

The organization’s experts believe that cryptocurrencies have moved from the category of “niche products” to the category of “mass products”. Secondly, speculation is used as a hedge against weakening of currencies and also as means of payment.

The authors of the papers acknowledged the difficulties of developing a regulatory framework for a new asset class due to the rapid evolution of markets, the complexity of monitoring, and the lack of practical skills of auditors.

Experts noted the inconsistent approach to regulating digital assets, advocating the creation of a coordinated and comprehensive global system.

“Some organizations may prioritize consumer protection, while others may prioritize safety and security or financial integrity. There are a number of industry players that are easily covered by traditional financial regulations, such as miners, validators, protocol developers.”The IMF agreed.

Experts say a global regulatory framework will bring order to markets, help build consumer confidence, set the limits of what is acceptable and provide a safe space for innovation to continue.

Recall that in July, the Council of the European Union and the European Parliament reached a preliminary agreement on the provisions of the bill on the regulation of cryptocurrencies. Mica. It explains the rules that apply to issuers of unsecured cryptoassets, stablecoins, trading and custody platforms.

Later, members of the European Green Party and Socialists proposed to spread the standards. AML/CFT– procedures for decentralized organizations, DeFi platforms and NFT platforms.

Earlier, US Senators Cynthia Lummis and Kirsten Gillibrand introduced a bill to regulate the industry.

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