Steam Official: 'Current Structure Is No Longer Fit for the Purpose' as Global Regulators 'Go Full Steam' on Crypto.
Cryptocurrency legislation is moving at a "breakneck speed" over the world. "With the expansion of cross-border digital market activity, the current framework is no longer suitable for purpose," stated the chairman of France's markets watchdog AMF.
Regulators throughout the world are going all out to regulate cryptocurrency.
At a virtual conference hosted by Afore Consulting on Wednesday, Robert Ophèle, chairman of France's markets watchdog, the Autorité des marchés financiers (AMF), and a member of the Financial Stability Board (FSB), reportedly discussed worldwide cryptocurrency regulation.
The Financial Stability Board (FSB) is an international organization that examines and offers recommendations on the global financial system. Ophèle is also the second deputy governor of France's central bank, the Bank of France.
According to Ophèle, regulators all around the world follow the same "global core premise," adding:
I believe we will see international regulatory convergence for some of them... Stablecoins and digital asset service companies are the most common.
Regulators have not been aggressively supervising the crypto sector, according to the AMF chairman, because crypto assets are not currently considered as a threat to financial stability. Ophele, on the other hand, highlighted that crypto is now at the top of the FSB's priority list. The central banker expressed his opinion as follows:
I believe we can achieve and deliver on these challenges in the next quarters... The FSB is pursuing this matter with vigour.
Despite the fact that the FSB only gives suggestions and does not have the authority to enact binding rules, its members are committed to developing regulatory frameworks in their respective jurisdictions.
Ophele argues that, like the European Central Bank (ECB), the European Union needs a powerful market watchdog. He went on to say:
With the growth of cross-border digital market activities, the current framework is no longer suited for purpose.
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