IMF raises principles to regulate cryptocurrencies

The International Monetary Fund (IMF) considers it essential to create a regulatory framework for cryptocurrencies. That is why he published on his official blog some considerations that can serve as a reference to establish laws and guidelines that allow addressing digital assets in the world.

The IMF admits that the regulations should present similar conditions for all those involved, as established for the different providers of financial services. Hence, all providers of commercial operations and services should acquire a license that allows them to provide the critical functions inherent to the handling of cryptocurrencies.

“Crypto asset service providers that provide critical functions must be licensed or authorized. These would include storage, transfer, liquidation and custody of reserves and assets, among others, similar to the existing rules for financial service providers. The licensing and authorization criteria must be clearly articulated, the responsible authorities must be clearly designated and the coordination mechanisms between them must be well defined.”

Another aspect of great importance for the IMF is the adjustments to the type and use of crypto assets, recommending that countries take into consideration the adequacy of the regulations to the different types of services and the uses of cryptocurrencies, as well as the risks involved. implicit.

Payment services and products should have requirements similar to those for bank deposits, supervised by the central bank or the payments supervisory authority. Regardless of the initial authority to approve crypto products and services, all supervisors, from central banks to securities and banking regulators, must coordinate to address the various risks that arise from different and changing uses,” the statement highlights.

IMF prioritizes international efforts

The global financial institution admits that licensing, adaptation to the type and use of crypto assets and the risks they entail, are the main guidelines that the international community should consider when designing regulatory frameworks and thus handle similar criteria when dealing with assets and the operations they have associated with.

“The cross-sector and cross-border nature of crypto limits the effectiveness of national approaches. Countries are adopting very different strategies and existing laws and regulations may not allow national approaches that comprehensively cover all elements of these assets,” the IMF noted.

M. Rodríguez

Source: diariobitcoin.com