International Monetary Fund(IMF) has urged financial regulators around the world to come together to develop a global regulation for cryptoassets.
In early September, the Minister of Finance of India Nirmala Sitharaman In his meeting with IMF officials, he said that the IMF should lead the way in the global regulation of crypto assets. A step towards crypto regulation has come from the IMF, which has been silent for a while.
IMF Appeals to Financial Regulators for Crypto Regulation
International Monetary Fund(IMF) wants to bring together international regulators to develop a global regulatory framework.
Deputy directors of the IMF’s Money and Capital Markets department Aditya Narainand Marina Moretti stated that a global framework would bring order to the markets and increase consumer confidence. He also said that the boundaries of what is allowed must be delineated and a safe space must be provided for useful innovation to continue.
Narain and Moretti said in a statement that crypto companies prefer jurisdictions that do not have rigorous regulation and follow a friendly policy.
IMFHe also stressed that a global response must be made sooner or later to prevent national regulators from being locked into different regulatory frameworks.
