CEO of the American FINTECH-Circle Jeremy Allaire (Jeremy Allaire) believes that the major economies of the world must coordinate their efforts to regulate cryptocurrency. He stated this in an interview with Reuters.
“Ultimately, the critical regulatory issues related to digital currencies should be regulated at the level of the G20,” said Aller.
At the July meeting of the financial leaders of member countries of the G20, the issues of regulation of cryptocurrency has been postponed, as previously, at the summit in March in Argentina. However, the financial stability Board (FSB) — the body coordinating financial regulation in the “Big twenty” — created a structure for the monitoring of the risks associated with cryptocurrency assets.
Recently, a Group of development of financial measures of struggle against money-laundering (FATF) announced that by June of next year, will establish its first rules for the treatment of cryptocurrencies. The FATF stated that jurisdiction in the world will have to license and regulate the crypto currency exchange providers and digital wallet to prevent money laundering and the financing of terrorism.
According to Jeremy Allaire, such rules are a good start, but needs to be expanded to regulate the release of a new digital currency through ICO and activities kryptomere in terms of market manipulation and customer identification.
“When it comes to deals tokens, how they should be treated? What tokens are securities and which are not? Trading platform that are similar to the spot commodity markets, should have rules concerning market manipulation?”, — identified the problems of the head Circle.
While the rules of regulation of cryptocurrency and if accepted, then at the national level, and the approach may vary drastically. For example, China banned the country holding ICO and cryptocurrency trading. South Korea followed suit only in respect of the initial proposals of the coins. Japan has licensed the crypto currency exchange, but this year I have started to tighten regulations for the industry.
The financial services Agency of Japan (FSA) recently organized an international roundtable on cryptocurrency — the authorities are supporters of the global regulirovaniya these assets. Informed about the inevitability of international regulation of digital currencies, said IMF chief Christine Lagarde (Christine Lagarde).