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Global body for security commission says regulations will confer undue legitimacy on crypto currency

The Board of the International Organisation of Securities Commissions (IOSCO) has cautioned against the haste to draw up regulation on the activities of crypto currencies.…

The Board of the International Organisation of Securities Commissions (IOSCO) has cautioned against the haste to draw up regulation on the activities of crypto currencies.

The board also noted that it will instead confer undue legitimacy which may serve to deceive the general public into believing that there is regulatory faith in the products.

This was the outcome of the two-day meeting at its headquarters in Madrid, Spain, where it resolved to focus its searchlights on crypto currencies, bitcoins and other forms of electronic currencies.

The meeting is focusing on digital currencies in view of their novelty, the risks involved in trading in such assets and more importantly, the apparent lack of adequate knowledge and awareness by the unsuspecting investing public.

The IOSCO Board, consisting of thirty-two of the leading markets regulators in the world, had in attendance the Acting Director General of the Securities and Exchange Commission, Dr. Abdul Zubair.

The meeting also unanimously agreed for a deep analysis of the nature of the products to enable a clear appreciation of the appropriate perimeter and depth of regulation required to ensure the adequate protection of investors.

Deliberations at the meeting centred on crypto currencies and bitcoins, data privacy, and asset management. Pertinent questions around the operation of the virtual currencies, the risks involved for investors and markets, as well as the nature of regulation required if at all, were also deliberated upon.

In view of the general lack of clarity around the products and especially for prospective investors, the regulators were encouraged to launch intensive public awareness initiatives to boost investor education and understanding, and accelerate the development of the right regulatory framework as may be necessary.

Recounting how much capital had been lost by investors in similar transactions around the world, the delegates agreed to continue discussions around the subject for the sake of the future of capital markets and players around the world.

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