by Kevin Helms
Global regulators are “going full steam” on cryptocurrency regulation. “The current structure is no longer fit for the purpose with the development of cross-border digital market activities,” said the chairman of France’s markets watchdog AMF.
Robert Ophèle, chairman of France’s markets watchdog, the Autorité des marchés financiers (AMF), and a member of the Financial Stability Board (FSB), reportedly discussed global cryptocurrency regulation Wednesday at a virtual conference held by Afore Consulting.
The FSB is an international body that monitors and makes recommendations about the global financial system. Ophèle is also the second deputy governor of the Bank of France, the French central bank.
Ophèle explained that regulators worldwide are following the same “universal basic principle,” adding:
I do expect that for some of them, we do have international regulatory convergence … primarily stablecoins and digital asset service providers.
The AMF chairman noted that regulators have not been actively supervising the crypto sector because crypto assets were not yet seen as a financial stability threat. However, Ophele emphasized that crypto is now top of the FSB’s agenda. The central banker opined:
I do think we could achieve, deliver on these issues in the next few quarters … the FSB is going full steam on this issue.
While the FSB only provides guidelines, without the power to make binding rules, its members are committed to establishing regulatory frameworks in their jurisdictions.
Ophele believes that the European Union needs a powerful watchdog for markets, like the European Central Bank (ECB) is for banking. He elaborated:
The current structure is no longer fit for the purpose with the development of cross-border digital market activities.
What do you think about global regulators going full steam on crypto regulation? Let us know in the comments section below.
A student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography.
Image Credits: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
PUBG Developer Parent Company Krafton to Work On NFT and Metaverse Related Projects
Krafton, the parent company of Bluehole, developers of PUBG, a popular battle royale game that has earned more than $300 million in 2021, announced it will redirect some of its activities toward developing NFT and metaverse-related projects. The company says … read more.
PUBG Developer Parent Company Krafton to Work On NFT and Metaverse Related Projects
Krafton, the parent company of Bluehole, developers of PUBG, a popular battle royale game that has earned more than $300 million in 2021, announced it will redirect some of its activities toward developing NFT and metaverse-related projects. The company says … read more.
