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Global Regulatory Collaboration Key to Cryptocurrency Asset Oversight, Urges World Economic Forum

Forbes India | Shashank Bhardwaj | May 26, 2023

Unsplash Zoltan Tasi Crypto - Global Regulatory Collaboration Key to Cryptocurrency Asset Oversight, Urges World Economic Forum

Image: Unsplash/Zoltan Tasi

The World Economic Forum has released a study scrutinizing the different regulatory methods applied to the cryptocurrency sector, in addition to offering guidance to both governmental bodies and industry participants.

  • Navigating Regulatory Challenges:
    • The World Economic Forum (WEF), in collaboration with its Digital Currency Governance Consortium, released a comprehensive paper emphasizing the pressing need for global regulatory consistency in the cryptocurrency sector.
    • This report emphasizes that the crypto industry's unique characteristics and potential risks don't always align with traditional financial regulatory models, thereby demanding novel, flexible approaches.

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  • Advocacy for Agile Regulation:
    • The paper supports the implementation of "agile regulation," which encompasses a responsive, iterative approach, with multi-stakeholder input, such as regulatory sandboxes, guidance, and no-objection letters.
    • It indicates that such an approach, already in place in regions like Switzerland and Japan, is more effective than a regulation-by-enforcement strategy as employed by the United States.
  • Urging Cross-Jurisdictional Collaboration:
    • Stressing the necessity for international cooperation and knowledge sharing, the paper strongly recommends policymakers and industry stakeholders to work in tandem across jurisdictions. The authors argue that the inherent transparency of blockchain technologies could enable more efficient and effective regulatory tools to address cross-border concerns, thereby creating a more stable and predictable crypto asset ecosystem.

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NCFA Jan 2018 resize - Global Regulatory Collaboration Key to Cryptocurrency Asset Oversight, Urges World Economic ForumThe National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org

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