The International Monetary Fund (IMF) has called on financial regulators around the world to come together to develop a global regulation for cryptoassets.
Earlier in September, Indian Finance Minister Nirmala Sitharaman said during a meeting with IMF officials 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
The International Monetary Fund (IMF) wants to bring together international regulators to develop a global regulatory framework.
Aditya Narain and Marina Moretti, deputy directors of the IMF’s Money and Capital Markets department, 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.
The IMF also stressed that a global response must be made sooner or later to prevent national regulators from being locked into different regulatory frameworks.
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