Until Exec says that Defi is a wake-up call” for the regulatory authorities, global crypto guideline for 2022-regulation
Until Exec says that Defi is a wake-up call” for the regulatory authorities, global crypto guideline for 2022-regulation
A manager of the bank for international payment compensation (BIZ), Benoît Cœuré, says that Krypto "grows very quickly" and "becomes a mainstream in different ways". He emphasized that decentralized financing (Defi) is a "wake -up call" for the financial supervisory authorities and said that the countries will "probably agree on a global framework for crypto next year".
BIZ representative sees Defi as a wake-up call for regulatory authorities, global politics is expected next year
Benoît Cœuré, member of the to Executive Committee and currently head of the up to Innovation Hub, spoke about cryptocurrency, global regulation and decentralized finances (Defi) last week.
Cœuré was a member of the directorate of the European Central Bank (ECB) and worked in various positions at the French Ministry of Finance and the French debt administration office before entering the ECB. He announced on Thursday that he was appointed head of the French competition authority.
The head of the to innovation hub told the Financial Times that the regulatory authorities have intensified their discussions worldwide about high -ranking global guidelines for cryptocurrency and decentralized finances. The publication conveyed:
The financial supervisory authorities will probably agree on a global framework for crypto next year after the rapid growth of decentralized finances gave them a "wake -up call".
The BIS Executive found that the supervisory authorities can no longer ignore the deficit, and quoted that it "opened new ways.
In terms of global regulation, Cœuré suggested that the Financial Stability Board (FSB) was the most suitable platform for regulatory authorities worldwide in order to agree on a uniform framework, and found that this was possible in 2022 time to take new measures, which means that "we are probably at least two or three years away from having a stable landscape worldwide." The biz manager described:
The risk in 2022 is that large jurisdictions - [Like] Europe, Great Britain, the USA, [and] China - continue, but in other ways and produce a system that is globally inconsistent.
Cœuré pointed out that countries that pursue different approaches to cryptocurrencies would create opportunities for "regulatory arbitrage" that would enable companies and individuals to use the game authorities by selecting the most advantageous places for their business. He added: "This is a risk that should be avoided and it is still time to avoid it." Regarding crypto, the biz manager said last week:
Now where it really grows very quickly and. . . Becoming a mainstream in different ways, then the time for consistent regulation certainly came.
What do you think of Benoît Cœuré's comments? Let us know in the comment area below.
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