The International Organization of Securities Commissions (IOSCO) plans to launch a consultation on its regulatory report on crypto assets in the current quarter (Q2) of this year and aims to release its final recommendations by the end of 2023.
IOSCO’s 2023–2024 work program centers on decentralized assets in the Fintech Task Force plan. Two main workflows, namely Crypto and Digital Assets (CDA) and decentralized finance (DeFi), have been prioritized.
IOSCO’s 2023–2024 work program focuses on decentralized assets in the Fintech Task Force plan, with two main workflows prioritized, namely Crypto and Digital Assets (CDA) and decentralized finance (DeFi). The schedule for these workflows has been established, and consultation for DeFi is slated to commence in Q3 of 2023.
According to the work program, IOSCO’s focus in the digital market will be on protecting investors and promoting sustainable and innovative capital markets. Through its efforts in both digital and traditional markets, the organization aims to enhance investor protection, maintain market integrity, and reduce systemic risk.
Jean-Paul Servais, Chair of the IOSCO Board, stated:
“I am pleased to present, as IOSCO Board Chair, IOSCO’s 2023-2024 work plan. In this period, IOSCO will deliver, among other things, on its priorities to address emerging risks arising from sustainable and digital finance.”
Servais highlighted that in 2023, IOSCO would assess the initial set of standards created by the IFRS International Sustainability Standards Board (ISSB) to determine their suitability as a universal framework for corporate disclosures related to sustainability. Additionally, IOSCO will expedite its policy-related efforts concerning crypto-asset markets and activities.
Martin Moloney, IOSCO Secretary General, also stated that the organization would also focus on increasing the level of support it provides to regulators worldwide to encourage and support strong standards of securities supervision.
The organization had published papers on influencers, stablecoins, and DeFi in 2022, suggesting supervisory capabilities for national regulators to adopt, such as establishing regulatory channels for reporting consumer grievances related to deceptive and unlawful promotions and implementing evidence-tracking procedures to keep up with the rapid and ever-changing online information landscape.
In 2022, IOSCO and the Bank for International Settlements (BIS) jointly presented a report on stablecoins, outlining their arrangement as a combination of functions that aim to serve as a medium of exchange and/or store of value.
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