According to Sarah Pritchard, executive director of supervision at the UK’s Financial Conduct Authority, the key is global standards and harmonization where possible.
The “rainstorm” of different approaches from regulators to crypto assets lacks the global consensus needed to attract the established investors that would create a more mature marketsaid Sarah Pritchard, chief executive of supervision at Britain’s Financial Conduct Authority. One of the many voices that she raised in favor of the globalization of standards.
“It’s really commendable that Europe has been able to achieve this so quickly”Hester Peirce, commissioner of the US Securities and Exchange Commission, told a Financial Times conference and expanded: “If we created a good regulatory regime, people would come. I think we will see it with MiCA. We are shooting up in the foot by not having a regulatory regime in the United States.
The European Union imposed exhaustive world rules for crypto-asset markets, known as MiCA, but other countries, such as the United Kingdom and the United States, are further behind. In fact, The US Congress must decide which regulatory body has authority over cryptocurrencies. The CFTC, the US regulator of the derivatives sector, is pending the sector after the bankruptcy of the FTX exchange.
“EU standards will inevitably serve as international standards until there is consensus on a global standard”said Eva Gustavsson, head of public affairs at cryptocurrency firm Copper.“Right now we are drinking from a veritable rain of proposals from regulators, and that is all over the world”broad.
According to Sarah Pritchard, executive director of supervision at the British Financial Conduct Authority, the key is global standards and harmonization where possible. He also said that the IOSCO, the umbrella body for securities regulators, will soon come up with global policy proposals.
Finally, Gustavsson stated that greater regulatory clarity would see more traditional institutional investors enter the cryptocurrency market to “mature it further.”
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