So far, regulation for crypto has focused on a number of narrow areas, but now it seems that regulators are entering more areas, with the first being security requirements
The year 2022 brings with it a “recalculation of a trajectory” among regulators around the world as far as lm. This is in light of two developments that have accompanied the jump in the industry in the past year – an increase in the number of scams alongside the entry of small investors into the field, and the strengthening of the correlation between capital market volatility and the crypto market, with fears of mutual influence between markets. That is, not only will stock prices fall on currency exchange rates, but a crypto market crisis will also bring down the stock market.
To date, crypto regulation has focused on several areas: defining when it is a currency and when security requires an issuance procedure, regulating taxation on profits from the field, focusing on the interface points between crypto and the traditional financial system in terms of money laundering (obligation to know the customer, etc.), Which is feared to affect existing currencies.
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Regulators now appear to be entering more areas, the first being security requirements. Last week, the U.S. Securities and Exchange Commission issued draft rules to protect investors and improve cyber security, based on a 2020 proposal that dealt primarily with alternative bond trading systems. The current proposal includes a rather amorphous definition that extends the Authority’s supervisory authority and will apply to “alternative trading systems (ATS)”, and extend the regulation to systems that provide “communication protocols” designed to bring buyers and sellers together in any type of securities, for interest.
In addition, we see a call by the International Monetary Fund to El Salvador to repeal the recognition of Bitcoin as a legal move, in response to the state’s request for a $ 1.3 billion loan from the fund. This was preceded by the decision of the rating agency Moody’s to downgrade El Salvador’s debt rating in light of the declines in the Bitcoin exchange rate. The IMF’s call also comes in light of estimates that another country will adopt Bitcoin as a legal tender this year.