{"id":15202,"date":"2021-12-11T14:54:09","date_gmt":"2021-12-11T14:54:09","guid":{"rendered":"https:\/\/www.buyucoin.com\/crypto-labs\/imf-advises-how-crypto-should-be-regulated-citing-urgent-need-for-cross-border-collaboration\/"},"modified":"2021-12-11T14:54:09","modified_gmt":"2021-12-11T14:54:09","slug":"imf-advises-how-crypto-should-be-regulated-citing-urgent-need-for-cross-border-collaboration","status":"publish","type":"post","link":"https:\/\/www.buyucoin.com\/crypto-labs\/imf-advises-how-crypto-should-be-regulated-citing-urgent-need-for-cross-border-collaboration\/","title":{"rendered":"IMF Advises How Crypto Should Be Regulated Citing \u2018Urgent Need for Cross-Border Collaboration\u2019"},"content":{"rendered":"

The International Monetary Fund (IMF) has outlined some recommendations of how cryptocurrency should be regulated, noting that there is an urgent need for cross-border collaboration and cooperation on cryptocurrency regulation.<\/strong><\/p>\n

IMF Provides Recommendations on Crypto Regulation<\/h2>\n

The International Monetary Fund published a blog post on cryptocurrency regulation Thursday. The post titled \u201cGlobal Crypto Regulation Should be Comprehensive, Consistent, and Coordinated\u201d is authored by Tobias Adrian, Dong He, and Aditya Narain from the IMF\u2019s Monetary and Capital Markets Department.<\/p>\n

Noting that \u201cCrypto assets and associated products and services have grown rapidly in recent years\u201d and their \u201cinterlinkages with the regulated financial system are rising,\u201d the authors acknowledged:<\/p>\n

Crypto assets are potentially changing the international monetary and financial system in profound ways.<\/p>\n

\u201cPolicymakers struggle to monitor risks from this evolving sector, in which many activities are unregulated,\u201d they explained, adding: \u201cIn fact, we think these financial stability risks could soon become systemic in some countries.\u201d<\/p>\n

IMF Suggests How Crypto Should Be Regulated<\/h2>\n

The IMF post then discusses how cryptocurrency should be regulated. \u201cThe global regulatory framework should provide a level playing field along the activity and risk spectrum,\u201d the authors asserted and proceeded to list three elements that should be included.<\/p>\n

Firstly, crypto service providers \u2014 including those offering storage, transfer, settlement, and custody of reserves and assets \u2014 \u201cshould be licensed or authorized,\u201d the authors wrote. \u201cLicensing and authorization criteria should be clearly articulated, the responsible authorities clearly designated, and coordination mechanisms among them well defined.\u201d<\/p>\n

Secondly, \u201cRequirements should be tailored to the main use cases of crypto assets and stablecoins,\u201d they added, noting that regulators \u201cneed to coordinate to address the various risks arising from different and changing uses,\u201d including central banks and securities watchdogs.<\/p>\n

Lastly, the IMF post notes that \u201cAuthorities should provide clear requirements on regulated financial institutions concerning their exposure to and engagement with crypto.\u201d<\/p>\n

The authors further warned that \u201cIn emerging markets and developing economies, the advent of crypto can accelerate what we have called \u2018cryptoization<\/a>\u2018\u2014when these assets replace domestic currency, and circumvent exchange restrictions and capital account management measures.\u201d They concluded:<\/p>\n

There is an urgent need for cross-border collaboration and cooperation to address the technological, legal, regulatory, and supervisory challenges.<\/p>\n

What do you think about the IMF\u2019s suggestion for crypto regulation? Let us know in the comments section below.<\/strong><\/em><\/p>\n

Bitcoin News
\nRegulation, cross-border collaboration, Crypto regulation, crypto regulatory framework, IMF, imf bitcoin, imf crypto, imf crypto regulation, imf cryptocurrency, international collaboration<\/p>\n","protected":false},"excerpt":{"rendered":"

The International Monetary Fund (IMF) has outlined some recommendations of how cryptocurrency should be regulated, noting that there is an urgent need for cross-border collaboration and cooperation on cryptocurrency regulation. IMF Provides Recommendations on Crypto Regulation The International Monetary Fund published a blog post on cryptocurrency regulation Thursday. The post titled \u201cGlobal Crypto Regulation Should…<\/p>\n","protected":false},"author":0,"featured_media":15203,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[53,3],"tags":[],"class_list":["post-15202","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blockchain-news","category-coin-news"],"_links":{"self":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts\/15202"}],"collection":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/comments?post=15202"}],"version-history":[{"count":0,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts\/15202\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/media\/15203"}],"wp:attachment":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/media?parent=15202"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/categories?post=15202"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/tags?post=15202"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}