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IOSCO Pull Triggers On Rest Of Crypto Firms After FTX Crash

IOSCO Pull Triggers On Rest Of Crypto Firms After FTX Crash

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The new chairman of the International Organization of Securities Commissions (IOSCO), Jean-Paul Servais, emphasized the need for urgent crypto regulations while focusing on “conglomerate companies” following the collapse of FTX.

On November 11th, FTX, a cryptocurrency exchange founded by Sam Bankman, filed for Chapter 11 bankruptcy. Since then, the Bahamas Securities Commission has frozen FTX’s remaining assets.

According to The Coin Republic, FTX stated in their 23-page filing that they have 100,000 plus liabilities and assets worth between $10 billion and $15 billion. In addition, they have a total of 10 to 50 billion dollars in debt.

Digital currencies like Bitcoin (BTC) have been around for over a decade, but until now it didn’t seem like regulators were consciously addressing the industry. The FTX crisis may change that.

Servais said in an interview-

“The urgency is not the same even two or three years ago. There are differing opinions on whether crypto is a real problem internationally, as some believe it is still a substantive issue rather than a risk. Is.”

“Things are changing and due to the interconnectivity of different types of companies, I think it’s important now that we can start a conversation and that’s what we’re aiming for.”

IOSCO is a global organization whose purpose is to regulate the world’s securities and futures markets. More than 100 countries are members of IOSCO. They regulate an estimated 95 percent of the world’s securities markets.

According to IOSCO’s official press release, Servias is also the Chairman of the Financial Services and Markets Authority of Belgium (FSMA), the Vice-Chairman of the IOSCO Board and the Chairman of the European Regional Committee, who was appointed as IOSCO Chairman at the board’s founding meeting. At the 2022 IOSCO Annual Meeting in Marrakesh.

According to a press release issued on July 13, CPMI and IOSCO will issue final guidelines on stablecoin arrangements that will strengthen the application of the principles of financial market infrastructures. It states –

“Recent developments in the crypto-asset market have once again brought an urgent duty to the authorities to address the potential risks posed by crypto-assets, including stablecoins, more broadly. The recent market failures were costly for many, but they were not systemic events. But they highlight the speed at which trust can be eroded and how volatile cryptocurrencies can be. Such events may become systemic in the future, especially given the strong growth of this market and the increasing connections between crypto-assets and traditional finance.

Servias pointed out that “conglomerates” like FTX tend to grow faster, which is why they begin to participate in many other financial services of their own accord, such as proprietary trading, brokerage services and others.

Nancy J. Allen
Latest posts by Nancy J. Allen (Show all)

Source: https://www.thecoinrepublic.com/2022/11/24/iosco-pull-triggers-on-rest-of-crypto-firms-after-ftx-crash/

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