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Iosco eyes regulations of crypto sector in 2023

The International Organization of Securities Commissions (Iosco) is targeting the regulation of the crypto sector next year following the crash of the FTX exchange. The new head of the global securities watchdog, Jean-Paul Servais, said regulating crypto platforms could draw on principles from other sectors which handle conflicts of interest, such as credit rating agencies and compilers of market benchmarks, without having to start from scratch. Servais said that the implosion at FTX will help change the rules. Cryptoassets have been around for years but regulators have resisted jumping in to write new rules. Servais said the sense of urgency was not the same even two or three years ago. There are some dissenting opinions about whether crypto is a real issue at the international level because some people think that it’s still not a material issue and risk.

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