Regulators could be given takedown powers for foreign crypto sites, IOSCOPress said, as it frets over the rise in financial influencers on social media platforms. jackschickler reports
Crypto products can bamboozle or scam investors while escaping regulations that apply to conventional finance products like stocks, the report said. Yet IOSCO thinks it has found a way to get around the problem of international crypto marketing, where sales targeted in a country like the U.S. might actually originate from a completely different country.
“New collaboration mechanisms may be developed to help ensure that the home regulator of wrongdoers undertake actions to stop online illegal activities upon request of the foreign regulator that has ascertained a violation,” the report said. That could mean, say, the SEC asking a foreign authority to shut down or block access to illegal websites or social media pages, to cease trades, or to recover fines imposed on an overseas crypto site, the report added.
IOSCO’s call comes in the same week as the Financial Stability Board, another international standard setter, called for a comprehensive international crypto rulebook, limiting crypto companies’ ability to escape regulation by picking the easiest jurisdiction. A new IOSCO Fintech Working Group is also looking at crypto and decentralized finance in more detail.
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