{"id":1822,"date":"2022-02-11T05:30:31","date_gmt":"2022-02-11T05:30:31","guid":{"rendered":"http:\/\/cryptoheretostay.com\/?p=1822"},"modified":"2022-02-11T05:30:31","modified_gmt":"2022-02-11T05:30:31","slug":"global-regulators-going-full-steam-on-crypto-official-says-current-structure-is-no-longer-fit-for-the-purpose","status":"publish","type":"post","link":"https:\/\/cryptoheretostay.com\/?p=1822","title":{"rendered":"Global Regulators &#8216;Going Full Steam&#8217; on Crypto \u2014 Official Says &#8216;Current Structure Is No Longer Fit for the Purpose&#8217;"},"content":{"rendered":"<p> <script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"crypto\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script><br \/>\n<\/p>\n<p><strong>Global regulators are \u201cgoing full steam\u201d on cryptocurrency regulation. \u201cThe current structure is no longer fit for the purpose with the development of cross-border digital market activities,\u201d said the chairman of France\u2019s markets watchdog AMF.<br \/><\/strong><\/p>\n<h2>Global Regulators Going Full Steam on Cryptocurrency Regulation<\/h2>\n<p>Robert Oph\u00e8le, chairman of France\u2019s markets watchdog, the Autorit\u00e9 des march\u00e9s financiers (AMF), and a member of the Financial Stability Board (FSB), reportedly discussed global cryptocurrency regulation Wednesday at a virtual conference held by Afore Consulting.<\/p>\n<p>The FSB is an international body that monitors and makes recommendations about the global financial system. Oph\u00e8le is also the second deputy governor of the Bank of France, the French central bank.<\/p>\n<p>Oph\u00e8le explained that regulators worldwide are following the same \u201cuniversal basic principle,\u201d adding:<\/p>\n<p>I do expect that for some of them, we do have international regulatory convergence \u2026 primarily stablecoins and digital asset service providers.<\/p>\n<p>The AMF chairman noted that regulators have not been actively supervising the crypto sector because crypto assets were not yet seen as a financial stability threat. However, Ophele emphasized that crypto is now top of the FSB\u2019s agenda. The central banker opined:<\/p>\n<p>I do think we could achieve, deliver on these issues in the next few quarters \u2026 the FSB is going full steam on this issue.<\/p>\n<p>While the FSB only provides guidelines, without the power to make binding rules, its members are committed to establishing regulatory frameworks in their jurisdictions.<\/p>\n<p>Ophele believes that the European Union needs a powerful watchdog for markets, like the European Central Bank (ECB) is for banking. He elaborated:<\/p>\n<p>The current structure is no longer fit for the purpose with the development of cross-border digital market activities.<\/p>\n<p><em><strong>What do you think about global regulators going full steam on crypto regulation? Let us know in the comments section below.<\/strong><\/em><\/p>\n<p>Kevin Helms <\/p>\n<p class=\"article__body__author__info__about\">\nA student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography.<\/p>\n<p><i class=\"td-icon-font td-icon-mail-1\"\/><\/p>\n<p class=\"images_credits\"><em>Image Credits: Shutterstock, Pixabay, Wiki Commons<\/em><\/p>\n<p><strong>Disclaimer<\/strong>: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.<\/p>\n<p>More Popular NewsIn Case You Missed It<\/p>\n<p><script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"bitcoin\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script><br \/>\n<br \/><a href=\"https:\/\/news.bitcoin.com\/global-regulators-full-steam-on-crypto-current-structure-no-longer-fit-for-the-purpose\/\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Global regulators are \u201cgoing full steam\u201d on cryptocurrency regulation. \u201cThe current structure is no longer fit for the purpose with the development of cross-border digital market activities,\u201d said the chairman of France\u2019s markets watchdog AMF. Global Regulators Going Full Steam on Cryptocurrency Regulation Robert Oph\u00e8le, chairman of France\u2019s markets watchdog, the Autorit\u00e9 des march\u00e9s financiers [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":1823,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_wp_rev_ctl_limit":""},"categories":[1],"tags":[],"class_list":["post-1822","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto-updates"],"_links":{"self":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/1822","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=1822"}],"version-history":[{"count":1,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/1822\/revisions"}],"predecessor-version":[{"id":1824,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/1822\/revisions\/1824"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/media\/1823"}],"wp:attachment":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=1822"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=1822"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=1822"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}