In its first two years, küresel standard-setter IOSCO’s new fintech task force will focus on setting up policy recommendations for digital assets.
The International Organization of Securities Commissions (IOSCO), an association of securities regulators from around the world, is developing policy recommendations for crypto, according to a roadmap published Friday.
The IOSCO’s fintech task force, set up in March, will prioritize policy-focused work relating to crypto assets for the next 12-24 months, according to the document.
Two working groups – one headed by the U.S. Securities and Exchange Commission (SEC) and the other by the U.K. Financial Conduct Authority (FCA) – have agreed to publish reports with recommendations for decentralized finance (DeFi) and crypto assets respectively by the end of 2023.
Financial regulators around the world are scrambling to set up comprehensive rules for the crypto industry after markets collapsed earlier this year, wiping out a number of high profile companies and billions of dollars from the industry.
IOSCO members regulate securities markets in about 130 jurisdictions. The fintech task force is comprises 27 of the 33 board member jurisdictions, and is chaired by the Singapore Monetary Authority (MAS).
Both working groups will focus on issues relating to market integrity and investor protection, and provide guidance on how existing regulatory frameworks for securities could be applied to digital assets.
Read more: Global Financial Watchdog FSB to Propose Crypto Regulations in October