Welcome Vision or Pleasant Daydream?
First up the international regulatory body IOSCO Sets The Standard For Global Crypto Regulation with a degree of modesty that demonstrates at least they have learnt something from the extended Bitcoin hype machine. Anyway, they have issued their Consultation On Digital Assets which will in due course provide ‘clarity’ on crypto regulation of a sort. The problem is, it almost certainly won’t be the sort of de minimis / ‘actually you know what you do whatever you fancy, oh fresh blooded youth of today!’ which is what the crypto kiddies really hope to receive in terms of quasi-perma-global-exemption-exceptionalism (with DeFi on top).
See also: First Set Of Global Rules For Crypto Sector Unveiled By Watchdog (Reuters). I suppose my concern remains just how much “new” do we need and what can we do with just clarifying the existing stuff? In that sense, the kiddies have won some form of, at least pyrrhic victory, as the VC-powered ones will probably run out of money before IOSCO can create rules their satellite members will enact (barring the ambitious few with initiative of course).
Meanwhile, CFTC Chairman Behnam has said DeFi Is Subject To Regulation which would have more impact if he was taken more seriously but sadly post-FTX…
Hong Kong has now pirouetted back to regulating crypto and found a form of third way past the Chinese mainland, which makes Hong Kong Securities And Futures Commission Concludes Consultation On Regulation Of Virtual Asset Trading Platforms interesting.
One regulatory body not taking any more nonsense from overseas exchanges appears to be the Philippines SEC who have distributed their copy of the riot act to Messrs Gemini.
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