{"id":246863,"date":"2020-01-13T02:38:34","date_gmt":"2020-01-13T07:38:34","guid":{"rendered":"http:\/\/insidebitcoins.com\/?p=246863"},"modified":"2024-03-20T13:36:30","modified_gmt":"2024-03-20T13:36:30","slug":"european-and-us-based-regulators-prioritize-2020-for-crypto","status":"publish","type":"post","link":"https:\/\/insidebitcoins.com\/news\/european-and-us-based-regulators-prioritize-2020-for-crypto","title":{"rendered":"European And US-Based Regulators Prioritize 2020 For Crypto"},"content":{"rendered":"

Several regulating bodies both within Europe and the US have started to make cryptocurrencies some of their top priorities of the year 2020. The European Securities and Markets Authority (ESMA) and the US Securities and Exchange Commission (SEC), has outlined its plans of focusing on crypto oversight, alongside many other regulators. China<\/a> has already been busy with it: its central bank has made crypto a priority in the past.<\/p>\n

SEC Planning To Fully Regulate<\/h2>\n

The Office of Compliance Inspections and Examinations (OCIE) of the SEC has announced its priorities for 2020<\/a> on Tuesday. OCIE handles the national exams of the SEC, a bid to try and ensure market integrity, investor protection, and capital formation support. The SEC then uses the results of these exams as information for identifying and monitoring risks, improving industry practices, helping with rule-making initiatives, and to pursue misconduct.<\/p>\n

The OCIE made a statement regarding the advancement of various financial technologies, cryptocurrencies<\/a> included. The Office explained that it warranted \u201congoing attention and review.\u201d They further noted that the crypto market has \u201cgrown rapidly and presents various risks.\u201d Of these risks, lack of understanding between the differences of cryptocurrencies and more traditional investment products stands at the forefront.<\/p>\n

\"Decision<\/a><\/p>\n

These examinations will investigate six critical aspects of cryptocurrencies. Things like Portfolio management, investment suitability, client fund, and asset safety, trading practices, compliance program effectiveness, valuation and pricing, and finally, employee supervision will all be reviewed.<\/p>\n

ESMA Urges Differentiation Between Conventional And Crypto<\/h2>\n

On Europe\u2019s shores, ESMA has released a Strategic Orientation<\/a> for the years 2020 to 2022 on Thursday. Within it, it highlighted the priorities of those years.<\/p>\n

As the document explained, ESMA will require its EU market participants to \u201cacknowledge the risks that may stem from digitalization.\u201d They must do this by way of \u201censuring business continuity and the use of adequate and up-to-date technology.\u201d Furthermore, it mandates market participants to provide \u201cadequate protection\u201d when it comes to cyber threats, data quality management, as well as data protection.<\/p>\n

PBOC Further Crypto Development<\/h2>\n

On the Asian front, the People\u2019s Bank of China (PBOC<\/a>) announced its own form of this prioritization on the 5th of January, after an annual conference held in Beijing last week.<\/p>\n

Within this announcement, China\u2019s central bank plans on strengthening its research and development, as well as the application of fintech<\/a>. Furthermore, the bank announced that it was still going to \u201csteadily advance research and development\u201d of its state-owned crypto that it debuted last year.<\/p>\n","protected":false},"excerpt":{"rendered":"

Several regulating bodies both within Europe and the US have started to make cryptocurrencies some of their top priorities of the year 2020. 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