IOSCO's proposal for crypto-based regulatory standards could set the trend for global crypto regulations, as it focuses on systematization of crypto-based investments. The 18 recommendations from IOSCO aim to ensure investors' security across crypto-based operations, and have upheld the importance of international regulators in managing global crypto markets.
The proposal is based on the learnings fromthe FTX debacle and fall in Terra stablecoin's value. The consultation report around the recommendations is open for public comments until July 31, 2023. Experts believe that this step has increased the need for crypto-based regulations, considering European Parliament proposed EU rules for tracking crypto assets and related transactions last month.
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