Just In: Global Securities Body Warned Of Need For Crypto Market Regulation

Anvesh Reddy
June 1, 2022 Updated July 16, 2022
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In the wake of the recent fiasco involving Terra crash, there seems to be an increased push for regulation. In a latest, the community of financial planners came up with recommendations for crypto market regulation.

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Need To Regulate Crypto Market

The financial planning standards board (FPSB) made the recommendations to the IOSCO Retail Market Conduct Task Force. FPSB is an association for the global financial planning profession. The International Organization of Securities Commissions (IOSCO) is an association of organizations that regulate the world’s securities and futures markets. The body has been assisting the community in evaluating the issues and risks relating to the crypto trading platforms.

The FPSB stressed on the need to regulate crypto assets. It also suggested ensuring that financial advisers are appropriately qualified to do the advising.

The recommendations spoke on how regulators around the world could address the potential adverse impacts of the rise of complex financial products. It also suggested addressing the impact of technology innovation and social media personalities.

Dante De Gori, FPSB head of stakeholder engagement, said,

“Financial fraud and scams are certainly not new, but the rapid emergence and evolution of crypto assets and other complex digital assets means the level of risk and exposure for retail investors is becoming heightened.”

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‘Crypto Landscape Fast-Changing’

He added that licensing and product regulation are struggling to keep up with this fast-changing landscape. This is leaving financial planners unsure of their regulatory obligations, he explained.

“The FPSB, the FPSB network and the global certified planners’ professional community have a role to play in supporting IOSCO members seeking to better protect investors in their territories. FPSB has provided IOSCO with a series of recommendations that we believe will serve retail investors and support IOSCO members efforts to develop regulatory toolkits and other measures to protect retail investors,” De Gori added.

Amid rising scope of crypto industry, there have been associated challenges like cybercrimes, scam tokens, and money laundering. This has led to a demand for regulating the market from all quarters.

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Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
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Why Trust CoinGape

CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.

About Author
About Author
Anvesh reports major crypto updates around U.S. regulation and market moving trends. Published over 1400 articles so far on crypto and blockchain. A proud dropout of University of Massachusetts, Lowell. Can be reached at [email protected] or x.com/BitcoinReddy or linkedin.com/in/anveshreddybtc/
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.