Securities regulations may apply to digital currencies
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The International Securities Commission (IOSCO) said on November 4 that current securities regulations could be applied to “stable value,” digital currency initiatives such as projects. Facebook's Libra, to help realize the benefits of the coin.
IOSCO is a review of stable cryptocurrencies states that they can bring benefits as well as pose risks. IOSCO President Ashley Alder said the institution's analysis shows that stable coins can have securities characteristics, meaning existing regulations on disclosure, registration, and inter-reporting. Stock related may apply.
According to Mr. Alder, it is important that those wishing to issue stable digital currencies, especially global-scale proposals, must collaborate openly and constructively with all agencies. relevant managers in countries where they may want a presence.
A stable coin is a currency that is tied to an asset or a basket of stable coins, which can range from real currencies to commodities. Libra will be converted to bank deposits, bonds, or some currencies such as USD and euros.
However, Facebook's plan to issue the Libra coin has raised concerns about a range of issues from consumer protection to money laundering. There is even a view that the traditional monetary system can be broken.
Some policymakers in European countries like France and Germany want to block the Libra coin, which Facebook plans to issue in 2020.
Meanwhile, US Treasury Secretary Steven Mnuchin spoke out against Facebook's plan, saying that there are still many concerns that have not been resolved, including the money laundering issue.
At a hearing in front of US congressmen last month, Facebook CEO Mark Zuckerberg said that Libra was a risky project, but could reduce the cost of e-payments and give more access to the More global financial system.
Even though regulations are tightened and authorities more cautious, illegal activities related to cryptocurrencies are still significant.
According to a report by research firm Chainalysis in January 2018, 1% of all Bitcoin transactions, the most widely used digital currency, equivalent to $ 600 million, were involved in illegal activities. /.
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