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Countries need to coordinate cryptocurrency



Large countries should coordinate cryptographic rules: Circle CEO

Largest economies around the world should coordinate efforts to create global crypt rules – said Jerromi Alleyr

The CEO of Circle, a cryptocurrency startup valued at $ 3 billion, highlighted the apparent lack of rules around the world in the face of rapid acceptance of a crypt. The entrepreneur admitted that Fintech startups work in the gray areas of law, which leaves investments of billions of dollars in the blockchain space unprotected and unmanaged.

“Ultimately, at the G20 level, critical regulatory issues related to cryptography should be normalized,” said Alleir.

Regulation of the imposition of innovation

Comments come at a time when global regulators are sometimes unable to keep up with the pace of innovation of fintech. Their legal framework is too old to fit into assets that are inherently multifaceted. The US Securities and Exchange Commission, for example, continues to treat crypto-war securities as securities, citing the 72-year security law. India, meanwhile, spent two years trying to find the perfect definition for explaining bitcoins and similar assets, ultimately taking measures that seem reckless than logical.

Some regulators, however, are ready to make the first decision.

Last Friday, in his report to the Analytical Group for Financial Events in Paris (FATF), it turned out that by the middle of 2019 the first set of rules for crypto defenders would be introduced. The Global Anti-Money Laundering Control Group emphasized that jurisdictions around the world would have to license or regulate crypto exchange to curb money laundering and terrorist financing.

Allar said he supports the FATF initiative, but the first global regulatory project for kryptons should also work out its proposal for initial coin proposals (or ICO). That the new global rules should determine the legality and illegality of issuing tokens by a private company, as well as the way in which the exchanges manipulate the market.

“When it comes to symbolic sentences, how should they be taken? Which trademarks are securities and which are not? ", – he said.

Until now, Switzerland and Japan are among the leading economies that have shown an interest in regulating cryptospace in accordance with the pace of its innovation. At the same time, the second largest economy in the world – China, which is also a member of the FATF, has banned its wide distribution.

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Article translated and published: Leonid Shchekutev, analyst at Freedman Club Crypto News