Crypto assets are quickly becoming mainstream and regulators need to catch up! | Crypto

Crypto assets are quickly becoming mainstream and regulators need to catch up!

-Crypto assets have moved from being niche products to having more of a mainstream presence, prompting the need for more comprehensive regulation of the space, according to the International Monetary Fund (IMF).

-In a new report, IMF capital markets director Aditya Narain and assistant director Marina Moretti noted that crypto assets have firmly shifted away from being niche products to ones used for speculative investments, hedges against weak currencies, and payment instruments.

-The authors added that this, along with recent failures of crypto issuers, exchanges, and hedge funds have added impetus to the push to regulate.

-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.

-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.

Crypto assets are quickly becoming mainstream and regulators need to catch up!

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