Adan responds to IOSCO’s consultation on its international recommendations for crypto-asset markets.
On this 31 July 2023, Adan responds to the IOSCO consultation highlighting the regulatory considerations associated with crypto-assets. Based in Spain, the International Organization of Securities Commissions is an international body that brings together the various financial regulators around the world to harmonise the regulations applicable to financial markets and facilitate cooperation between national authorities.
The document drawn up by IOSCO, which you can read here, highlights the growing importance of crypto-assets and crypto-asset service providers (CASPs) in the financial sector. It also highlights the need to regulate these activities to ensure investor confidence.
In order to facilitate the harmonisation of rules applicable to crypto-asset markets at international level, IOSCO has submitted 18 recommendations to the competent national authorities responsible for regulating market operators in the crypto-asset sector. These recommendations cover several key aspects, such as governance, transparency, protection of client assets, prevention of abusive behaviour and supervision of CASPs.
Adan thanks IOSCO for taking such an initiative by conducting a public consultation to gather the views of members of the Web 3 industry.
Since its creation in January 2020, Adan has always argued for the introduction of appropriate regulation to protect investors, promote market integrity and reduce the risks associated with crypto-assets.
In this document, Adan answers the various questions posed by IOSCO, and seeks to make a useful contribution to the ongoing debate.