By Richard Hines
Since the FTX fall, several economists and global experts have called for the need for a globally recognised set of rules and regulations for the crypto industry. It appears that the Financial Stability Board (FSB), which comprises experts from the European Union and the G20 countries, is quite right on it, and is set to roll out a couple of sets of rules and regulations by early 2023 with proposed time frames to follow.
It Is Urgent To Take Action Now – Dietrich Domanski
For a long time now, way before the unfortunate bankruptcy incident of the popular crypto exchange, many experts and global economists have clamoured for the need to have some clearly defined set of rules and regulations that will be internationally recognised and will guide the affairs of the crypto industry same thing with an internationally recognised regulatory body.
The talks had been going on for a while, and tiny bits of action was already set in motion along this line; however, and rightly so, since the fall of the popular crypto exchange, FTX, which consequently led to a sizable number of crypto firms packing up, much more attention has been given to regulating the crypto industry.
The outgoing Secretary General of the Financial Stability Board, Dietrich Domanski, affirmed this on his last day in office. He went on to state that even though it is quite apparent from the board’s roadmap that it is relentless in getting everything to work out soon, it is quite important to note that there is only so much it could do while setting to work and “taking a crash course” on the crypto industry at the same time.
He went further to initiate a challenge, telling anyone to come forward and show them how they could have done things faster.
Crypto Regulations Are Here To Stay
Given the train of events, particularly since FTX filed for bankruptcy, it is apparent that while a fraction of experts might be of the opinion that the crypto industry should be left as it is without regulations, the contrary is obviously getting more recognition.
According to the section, they believe that what makes the crypto industry unique and distinctive from the traditional finance system is that it is largely unregulated.
With the current situation of things, however, it looks as if the crypto industry will have to learn how to survive under the sets of rules and regulations because apparently, they are coming with a considerable degree of force.