• GBBC Digital Finance has become an affiliate member of the International Organization of Securities Commissions (IOSCO)
• GBBC Digital Finance’s goal is to engage regulators in order to inform policy development by major regulatory bodies
• IOSCO’s fintech task force is prioritizing work related to crypto assets and decentralized finance (DeFi)
GBBC Digital Finance Joins IOSCO as Affiliate Member
GBBC Digital Finance, a digital asset industry association, has become an affiliate member of the International Organization of Securities Commissions (IOSCO), an association of securities regulators from around the world. As an associate for the digital asset industry, GBBC Digital Finance’s goal is to engage regulators to inform how policy will be developed by the world’s major regulatory bodies.
Purpose for Joining IOSCO
Affiliate members of IOSCO share experiences with the aim of enhancing cooperation between members and thereby providing input into standard-setting for securities regulation globally. By joining this organization, GBBC hopes to provide input and shape global policy around digital assets.
IOSCO’s Focus on Cryptocurrency
IOSCO, regarded as the standard setter for securities regulation, has been increasing its focus on cryptocurrency in recent months. Its fintech task force has prioritized work related to crypto assets and decentralized finance (DeFi). Two working groups headed by U.S. SEC and U.K. FCA are set to publish reports with recommendations for crypto assets and DeFi by the end of 2021.
Prior to its merger with Global Blockchain Business Council (an industry association for blockchain technology), GBBC was known as Global Digital Finance.
Why This Matters
By becoming an affiliate member of IOSCO, GBBC Digital Finance will have more influence over how policy surrounding digital assets is shaped on a global scale. This could potentially result in more clarity regarding regulations surrounding cryptocurrency worldwide.