The International Organization of Securities Commissions (IOSCO) has stated that stable cryptocurrencies like Libra should fall within the definition of securities and be regulated accordingly.
Representatives of IOSCO, which includes regulators in the US, Europe and Japan, believe that the use of stablecoins can create both advantages and new risks. Therefore, stable cryptocurrencies must be regulated as securities and the same requirements for creation, sale and registration should be applied to them.
“The so-called stablecoins have a number of characteristics familiar to us in regulated securities. It’s important that companies trying to launch stablecoins, especially global ones, openly and constructively interact with all involved regulatory authorities, ”said Ashley Alder, chairman of IOSCO.
Recently, G20 finance ministers have expressed concern about global stablecoins that “carry risks to government and regulation.” IOSCO plans to assist the Financial Stability Board (FSB) in regulating stable cryptocurrencies at the request of the G20.
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