The first ever thorough framework for policing digital markets and crypto assets has been unveiled by the International Organization of Securities Commissions (IOSCO).
Lessons from the FTX exchange's collapse last year, which highlighted questions about consumer protection, have motivated this project.
Due to inconsistent regulations across various countries, the crypto business, which is largely subject to anti-money laundering inspections, has been campaigning for a single worldwide approach to regulation.
The latest suggestions have been praised by IOSCO chair Jean-Paul Servais as a major step in addressing current threats relating to investor protection and market integrity. Aspects including conflict of interest, market manipulation, international regulatory cooperation, custody of digital assets, operational concerns, and how retail consumers are treated are all covered by these proposed standards.
Launch Of International Derivatives Exchange Announced By Coinbase
The biggest cryptocurrency exchange in the US, Coinbase, has announced the opening of a global derivatives market for institutional investors trading cryptocurrencies outside of the nation.
In response to deteriorating ties with American authorities, the move aims to diversify its operations. Bitcoin and Ethereum perpetual futures will be available on the Coinbase International Exchange, pending regulatory clearance from the Bermuda Monetary Authority (BMA).
The platform will initially only be available to institutional customers outside of the US.
The company's worldwide scaling ambitions, which were disclosed in May 2022, are aligned with this growth, Emmanuel Goh, Head of Coinbase International Exchange, said.
Following a warning from the US Securities and Exchange Commission (SEC) outlining prospective legal actions against the firm across various business lines, Coinbase is presently dealing with legal uncertainty. The difficulties experienced by the exchange in San Francisco have increased as a result of this.
Malaysian regulators take action against Huobi
The Seychelles-based cryptocurrency exchange Huobi has been shut down by Malaysia's Securities Commission (SC).
The commission discovered that Huobi had violated the 2007 Capital Markets and Services Act by running an unregistered digital asset exchange in Malaysia.
The exchange and its creator, Leon Li, have received a public reprimand from the regulator. Leon Li has been given instructions to supervise the closure of local operations, stop communicating with Malaysian investors, shut down the website, and remove the app from app stores. Concerns regarding the platform's adherence to local laws and the protection of investors' interests led to the regulatory action.
