The International Monetary Fund i.e. IMF has called on financial regulators across the world to unite for developing a “global regulatory framework” for crypto assets.
Aditya Narain, the deputy director, and Marina Moretti, the assistant director, of the IMF’s Monetary and Capital Markets department, reported that a global framework would bring order to the markets, help instill consumer faith, lay out the limits of what is permissible, and provide a secure space for useful innovation to continue.
Narain and Moretti reason that the absence of a collective, global response to the crypto boom has given a pathway to fragmented, national-level regulation that leads to regulatory arbitrage as crypto actors migrate to the friendliest jurisdictions with the least regulatory rigor while remaining attainable to anyone with internet access.
The IMF has stressed that a collective response must be done sooner rather than later, to avoid national regulators from being locked into differing regulatory frameworks.
Considering the exploits and market crisis encircling digital currencies, it is worth exploring or establishing a global entity that oversees the digital assets market.
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