{"id":14308,"date":"2023-05-26T16:24:25","date_gmt":"2023-05-26T20:24:25","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/crypto\/wef-white-paper-on-crypto-asset-regulation-highlights-need-for-regulation\/"},"modified":"2023-05-26T16:24:26","modified_gmt":"2023-05-26T20:24:26","slug":"wef-white-paper-on-crypto-asset-regulation-highlights-need-for-regulation","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=14308","title":{"rendered":"WEF White Paper on Crypto Asset Regulation Highlights Need for Regulation"},"content":{"rendered":"
\n

The World Economic Forum, in collaboration with its Digital Currency Governance Consortium, has released a paper on regulating crypto assets.<\/p>\n

The international organization\u00a0published\u00a0the paper, titled “Pathways to Crypto-Asset Regulation: A Global Approach,” on Thursday, stressing the urgency of regulation and the importance of global collaboration to prevent inconsistent enforcement, regulatory arbitration, and ambiguity.\u00a0<\/p>\n

The authors acknowledged a range of challenges to regulating crypto assets, including the issue of \u201csame activity, same regulation,\u201d noting that such assets don’t always fit into the existing regulatory framework.\u00a0<\/p>\n

\n

\u201cCrypto-assets and their ecosystem do not always fit squarely into the existing activity-based, intermediary-focused approach of regulation, even where crypto-asset activities mirror those of the traditional financial sector.\u201d<\/p>\n<\/blockquote>\n

The anonymity of crypto mixers, self-hosted wallets, and decentralized exchanges further complicates regulation, the report said, adding that the growing interdependence of the crypto industry with traditional finance poses potential contagion risks.\u00a0<\/p>\n

The paper suggests several classifications of regulatory frameworks that facilitate comparison, including outcome-based and risk-based regulations.\u00a0<\/p>\n

The authors urge policymakers and industry stakeholders to work together across jurisdictions to create even better regulatory tools to address cross-border concerns, given the transparency of these new technologies.<\/p>\n

WEF Paper Criticizes US Approach to Crypto Enforcement<\/h2>\n

The paper suggested that lawmakers need to avoid regulation by enforcement, claiming that it prevents the establishment of a functioning regulatory regime.\u00a0<\/p>\n

The WEF also noted that the US was the only country to resort to regulation by enforcement, adding:<\/p>\n

\u201cThis approach is not recommended to build out a framework, as ‘regulation by enforcement\u2019 precludes any meaningful discussion of what should and should not be regulated.\u201d<\/p>\n

Regulatory agencies in the US, particularly the Securities and Exchange Commission, have launched an aggressive crackdown on the crypto industry following the catastrophic collapse of cryptocurrency exchange FTX last year.\u00a0<\/p>\n

So far this year, the agency has taken action against crypto exchanges\u00a0Bittrex\u00a0and Gemini, crypto lender Genesis, and a number of individual actors accused of manipulating crypto assets, including crypto entrepreneur\u00a0Justin Sun\u00a0and disgraced Terraform Labs founder Do Kwon.<\/p>\n

Just recently, the SEC also sent a \u201cWells notice\u201d to Coinbase, threatening the crypto exchange with legal actions regarding some of its listed digital assets, its staking service Coinbase Earn, Coinbase Prime, and Coinbase Wallet.\u00a0<\/p>\n

The paper gave three broad recommendations to international organizations, regulatory authorities, and the crypto industry, emphasizing best practices of sharing and coordination.<\/p>\n

\u201cPolicy-makers and industry stakeholders need to collaborate across jurisdictions to ensure consistency and clarity,\u201d the authors wrote.\u00a0<\/p>\n

\n

\u201cAs these new technologies start from a position of transparency, it is possible to imagine even better regulatory tools to address cross-border concerns.\u201d<\/p>\n<\/blockquote><\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

The World Economic Forum, in collaboration with its Digital Currency Governance Consortium, has released a paper on regulating crypto assets. The international organization\u00a0published\u00a0the paper, titled “Pathways to Crypto-Asset Regulation: A Global Approach,” on Thursday, stressing the urgency of regulation and the importance of global collaboration to prevent inconsistent enforcement, regulatory arbitration, and ambiguity.\u00a0 The authors […]<\/p>\n","protected":false},"author":1,"featured_media":14309,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[243],"tags":[83],"class_list":["post-14308","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto","tag-featured"],"yoast_head":"\nWEF White Paper on Crypto Asset Regulation Highlights Need for Regulation | iFintechWorld<\/title>\n<meta name=\"description\" content=\"The World Economic Forum, in collaboration with its Digital Currency Governance Consortium, has released a paper on regulating crypto assets.The\" \/>\n<meta name=\"robots\" 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