Global regulators are “going full steam” on cryptocurrency regulation. “The current structure is no longer fit for the purpose with the development of cross-border digital market activities,” said the chairman of France’s markets watchdog AMF.
Global Regulators Go Full Throttle on Cryptocurrency Regulation
Robert Ophèle, chairman of the French market watchdog, the Autorité des marchés financiers (AMF), and a member of the Financial Stability Board (FSB), reportedly discussed global cryptocurrency regulation on Wednesday during a virtual conference organized by Afore Consulting.
The FSB is an international body that monitors and makes recommendations about the global financial system. Ophèle is also the second deputy governor of the Bank of France, the French central bank.
Ophèle explained that regulators around the world follow the same “universal basic principle”, adding:
I do expect that for some of them, we do have international regulatory convergence … primarily stablecoins and digital asset service providers.
While the FSB only provides guidelines, without the power to make binding rules, its members commit to establishing regulatory frameworks in their jurisdictions.
Ophele believes that the European Union needs a powerful watchdog for markets, like the European Central Bank (ECB) is for banking. He elaborated:
The current structure is no longer fit for purpose with the development of cross-border digital market activities.
