The International Monetary Fund is calling for a global crypto regulatory framework, arguing that crypto assets have moved well and truly out of the 'niche' zone and into the mainstream.
However, developing regulatory frameworks for crypto assets is an uphill battle, according to Narain and Moretti, highlighting the market's rapid evolution, the difficulty of monitoring, and the absence of workable skills between regulators among the more serious obstacles, stating:
"Regulators are struggling to acquire the talent and learn the skills to keep pace given stretched resources and many other priorities." The authors have also called out the inconsistent approach to crypto regulation amongst various regulators, instead arguing for a coordinated, consistent, and comprehensive global crypto regulatory framework.
"Some regulators may prioritize consumer protection, others safety and soundness or financial integrity. And there is a range of crypto actors — miners, validators, protocol developers — that are not easily covered by traditional financial regulation," they explained. "A global regulatory framework will bring order to the markets, help instill consumer confidence, lay out the limits of what is permissible, and provide a safe space for useful innovation to continue."In Europe, the final legal text for the long-awaited
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