Published via Ecency

The price action of cryptocurrencies continues to fall sharply and in the case of the main cryptocurrency by market capitalization the Bitcoin again returned to the $26,000 area which in a way again creates a sense of panic among traders and investors.

At the time of this writing the price of Bitcoin is located at $26,466 according to data reported on the portal Coingecko, now, and a bit to continue with the line of writing of previous entries this price plunge is related to the recent statements of IOSCO officials who have declared their intention to regulate cryptocurrencies more effectively.

According to an article reported by Cointelegraph columnist Helen Partz in and according to statements issued by the International Organization of Securities Commissions, the cryptocurrency market should mimic the rules of traditional finance.

In Partz's words, IOSCO published on May 23 a series of regulatory recommendations related to cryptocurrencies as part of a consultation report prepared by the IOSCO Council's Fintech Working Group.

For IOSCO, cryptocurrency regulators around the world should seek to achieve regulatory outcomes that are "equal to or consistent with those required in traditional financial markets."

In this regard, the body has stated that one of its objectives is to promote greater consistency with respect to how IOSCO members approach the regulation and supervision of cryptoasset activities, given the cross-border nature of the markets, the risks of regulatory arbitrage and the significant risk of harm to which retail investors continue to be exposed.