International rules for cryptocurrencies on the horizon

In recent days the cryptocurrency market so far this year is not going through its best moment, this if we take into account the whole turbulent scenario that states have unleashed with repeated calls to establish regulatory mechanisms.

In this sense, regarding the repeated calls to establish regulatory mechanisms, Jean-Paul Servais, president of the International Organization of Securities Commissions (IOSCO), declared that he will soon propose a series of coordinated rules at a global level to regulate everything related to the purchase/sale of cryptocurrencies.

According to information reported by Reuters and disclosed in the financial news segment of the "CryptoNews" portal, in an event held in Paris, France, Servais stated that they plan to issue some regulatory recommendations, which "will offer a first set of globally coordinated rules for cryptocurrencies.

Servais also indicated that the recommendations will clarify "to what extent" the regulations can be applied to international cryptocurrency service providers, and clarified that private finance will now become a priority for IOSCO.

Servais also pointed out that the IOSCO regulation on cryptocurrencies would reach 35 countries as long as the entity formally carries out this global regulatory proposal, which would mean that the rules would have to begin to govern mainly where there are stock exchange and securities commissions subscribed to the international group.

These countries include the United States, Australia, Brazil, France, Germany, China, Mexico, Peru, Spain, the United Kingdom, the Netherlands and many others. In addition, it was clarified that in most of the IOSCO member nations there is a growing adoption of bitcoin (BTC) and cryptocurrencies, as suggested by Chainalysis studies.

From my point of view these statements by the IOSCO president come at an inopportune time as the cryptocurrency market is in an instability in price action.