"Global regulators going \u201cfull steam\u201d to tame crypto currencies"

" \n Global regulators going \u201cfull steam\u201d to tame crypto currencies \n \n\n \n Regulators came late to the fast evolving cross-border world of cryptoassets but they could come up with their first global framework of rules within months, a senior official said on Wednesday. \n \n\n \n The Financial Stability Board, which groups regulators, central banks and finance ministry officials from the \u00a0G20 economies, is looking at what needs to be done with cryptoassets such as bitcoin and stablecoins. \n \n\n \n Crypto assets are currently treated differently across the world, ranging from bans to no rules at all even though they are traded by international firms. \n \n\n \n The\u00a0European Union\u00a0is approving a comprehensive set of standards for authorising and supervising participants in crypto asset markets. \n \n\n \n Robert Ophele, chair of France\u2019s markets watchdog AMF and a member of the FSB, said regulators were following the \u201cuniversal basic principle\u201d of same rules to cover the same risks. \n \n\n \n \u201cI do expect that for some of them, we do have international regulatory convergence\u2026 primarily stablecoins and digital asset service providers,\u201d Ophele told a webinar held by Afore Consulting. \n \n\n \n Regulators were behind the curve because cryptoassets were not yet a threat to financial stability, but this was now top of the FSB\u2019s agenda, Ophele said. \n \n\n \n \u201cI do think we could achieve, deliver on these issues in the next few quarters\u2026 the FSB is going full steam on this issue,\u201d Ophele said. \n \n\n \n Read: GUTA describes first meeting on suspension of benchmark policy as successful \n \n\n \n The FSB has no powers to make binding rules, but its members commit to introducing its regulatory principles into their own national rulebooks. \n \n\n \n Regulators are also trying to catch up with other parts of a rapidly digitalising financial market, such as social media and smartphones becoming more heavily used by retail investors to buy and sell shares. \n \n\n \n EU securities watchdog ESMA is scrutinising \u201cfinfluencers\u201d or social media influencers who give stock tips without safeguards on their credibility, its chair Verena Ross told the webinar. \n \n\n \n \u201cThis fast moving phenomenon requires active monitoring,\u201d she said. \n \n\n \n The EU needed a powerful watchdog for markets like the European Central Bank is for banking, Ophele said. \n \n\n \n \u201cThe current structure is no longer fit for the purpose with the development of cross-border digital market activities,\u201d Ophele said. \n "

"Global regulators going \u201cfull steam\u201d to tame crypto currencies"

Cocoa Sector Sees Recovery in 2024/25 Season on Strong Prices, Productivity InterventionsAMP

Ghana’s Energy Sector Shortfall to Hit $2.2bn by End-2025 as IMF Warns of Mounting Fiscal StrainAMP

Ghana’s Poverty Rate Drops to 25.9% in 2024 Amid Growth in Services, Expanded Social Spending – IMFAMP