The International Organization of Securities Commissions endorsed its idea of decentralized finance, “finfluencers,” and stablecoin contracts.
As part of its endorsement, the International Organization of Securities Commissions has included decentralized finance, ‘finfluencers,’ and stablecoin contracts in its ideas. IOSCO will initiate a discussion on its regulation report on crypto assets in Q2 2023, with the final recommendations expected to be published by the end of 2023.
The discussion for the report on crypto assets regulation in Q2 2023 is being initiated by IOSCO. The final decision is planned to be released by the end of 2023.
However, the event will not start until 2023-24. The IOSCO’s Fintech Task Force plan includes two parts: digital assets and cryptocurrencies will be discussed first, followed by DeFi, which will be discussed in Q3 of 2023.
IOSCO’s plan on cybersecurity
According to the program preview, IOSCO prioritizes protecting investors:
“Through the outcomes of its work, IOSCO seeks to support the development of sustainable and innovative capital markets while enhancing investor protection, maintaining market integrity, and reducing systemic risk.”
It is important to note that the company has already published work related to DeFi, stablecoins, and influencers last year. According to the paper, IOSCO advises that restrictions on reporting customer complaints about deceptive and unlawful marketing, and evidence-tracking methods to deal with the rapid speed and dynamic nature of online information, should be made.
They also mentioned that “a granular and holistic understanding of the DeFi market should be taken into consideration as well since it can help establish the necessary laws.”
The IOSCO board includes 35 experts, including heads of the U.S Commodity Futures Trading Commission, the U.S. Securities and Exchange Commission, and the United Kingdom Financial Conduct Authority. They are all making a significant impact on security and future regulations.