Cases like FTX_Official and CelsiusNetwork show the need for tougher crypto conflict-of-interest rules, FinStbBoard said on Monday. jackschickler reports.
Major global players are taking different approaches to how to regulate crypto. While the European Union has crafted a new tailored law known as the Markets in Crypto Assets regulation, the U.S. Securities and Exchange Commission is seeking to argue it can apply existing hundred-year-old rules originally designed for traditional financial instruments.
In theory, the principles from the FSB should be flexible enough to allow both approaches, but officials are keen to stress continuity. “This global framework does not rewrite or create a completely new regulatory rulebook for crypto assets,” FSB Secretary General John Schindler told reporters. “Crypto asset activities are not as different from traditional financial activities as some would have us believe, and similar rules should apply.”
“While jurisdictions work to implement these standards, we would encourage all crypto-asset players to start to comply with these basic expectations and standards now,” he added. The final recommendations follow a consultation in which traditional finance companies pushed for stronger crypto controls, while the likes of
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