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Global Financial Body Seeks Tougher Regulations for Crypto Industry

by BlockNews.com Team
November 28, 2023
in Breaking News, Business, Crypto
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Global Financial Body Seeks Tougher Regulations for Crypto Industry

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  • The FTX collapse revealed vulnerabilities in multifunction crypto-asset intermediaries (MCIs) which combine various services but can exacerbate risks due to ineffective controls and lack of transparency.
  • The Financial Stability Board (FSB) suggested regulators evaluate whether existing recommendations are sufficient to address crypto-related financial stability risks, indicating further regulatory work may be needed.
  • The FTX failure highlighted gaps in the current crypto regulatory environment, pressing regulators to implement appropriate safeguards like heightened oversight of MCIs and increased international collaboration as the industry evolves.

The recent failure of cryptocurrency exchange FTX has brought attention to vulnerabilities in the crypto market‘s multifunction platforms. Regulators are now discussing whether additional measures are needed to prevent similar crises.

🚨 NEWS: 🇨🇭 Financial Stability Board is advocating for enhanced crypto regulations post-FTX collapse.

Highlighting vulnerabilities of crypto-asset intermediaries to traditional finance.

— BlockNews.com (@blocknewsdotcom) November 28, 2023

Flaws in Multifunction Crypto Platforms

The Financial Stability Board (FSB) released a report claiming the crypto industry may require more regulations. According to the report, the FTX collapse revealed flaws in multifunction crypto-asset intermediaries (MCIs). MCIs combine trading and related services, similar to traditional finance companies. However, certain MCI activities like proprietary trading and crypto lending can exacerbate risks. The FSB said these vulnerabilities are amplified by ineffective controls and lack of transparency.

The Need for Enhanced Regulation

The FSB suggested regulators evaluate whether existing recommendations are enough to address crypto-related financial stability risks. Further regulatory work may be required to improve cross-border cooperation, and information sharing, and address data gaps. In July, the FSB finalized a global crypto framework. A few weeks later, the G20 adopted these policy recommendations as a roadmap.

Conclusion

The downfall of a major player like FTX has exposed significant issues with the current crypto regulatory environment. As the industry continues to evolve, regulators are pressed to keep pace and implement appropriate safeguards. The path forward will likely involve heightened oversight of multifunction crypto platforms as well as increased international collaboration.

Tags: BitcoinBlockchainBusinesscryptoWeb3
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