Tuesday, the International Organization of Securities Commissions opened its Policy Recommendations for Crypto and Digital Asset Markets for Public Comment.

The 18 recommendations address a wide range of topics, including market abuse, conflicts of interest, asset protection for clients, disclosures, and the risks associated with cryptocurrency. A press release said that the proposed recommendations are primarily aimed at “widespread investor concerns and market integrity”, within crypto markets.

The Fintech Task Force was established by the International Policy Forum, which is a group of securities regulators from around 130 countries. Its purpose was to develop IOSCO’s regulatory agenda on fintech and cryptocurrency. The FTF is chaired the Monetary Authority of Singapore and is composed of 27 of 33 board member jurisdictions.

is one of two groups that are part of the FTF and run by UK’s Financial Conduct Authority. will be publishing recommendations for crypto-assets this year . Another group, the Securities and Exchange Commission in the United States (SEC), works on decentralized financial (DeFi).

The Financial Stability Board is set to publish recommendations for stablecoins later this year. The Financial Stability Board is set to release recommendations for stablecoins this year. Future crypto regulations will be based upon a joint FSB-IMF synthesis document.

Last week, the international financial crime watchdog FATF urged advanced economies of the Group of Seven (G-7) to take a lead role in implementing their recommended standards for preventing money-laundering.

As the G-7 communique from the Central Banks and Finance Ministers of the G-7 on 13 May reminded us once again, it is time to end the regulatory uncertainty which characterizes crypto-activities. The IOSCO Board unanimously supported today’s consultation document, which is the result of a period of intense regulatory risk analysis and information sharing, as well as capacity building, Jean-Paul Servais said in a press release.

Servais, at a Tuesday press conference, said that the recommendations concerning conflicts of interest and the safety of clients’ assets were the least surprising, but could be the most important.

IOSCO suggests that regulators who don’t mandate division by activity consider prohibiting crypto services providers from “combining certain functions into a single legal entity” or group of affiliated companies, as they often perform a variety of activities, such as operating exchanges and engaging in proprietary trading on the same markets while keeping custody of client assets.

IOSCO officials cited alleged conflicts and mismanagement by the collapsed crypto company FTX during Tuesday’s briefing as reasons why these measures were crucial to protect consumers worldwide. The report also mentions recent allegations by the SEC that Bittrex and Beaxy failed to register as securities companies, as well as the case of Ishan wahi who was sentenced to 2 years in prison for sharing details about upcoming Coinbase listing with his brother.

Servais responded to a question about whether releasing recommendations legitimizes cryptocurrency. He said IOSCO is responsible for financial regulation. However, treating crypto like gambling , as a group U.K. legislators recently suggested, would be beyond the scope of the regulator.

Consultation on the recommendations will end on July 31, 2019.

India says that global crypto rules will be based on the upcoming FSB/IMF Synthesis Paper after G20 Meetings

UPDATE: (May 23, 8:37 UTC), Adds details and comments from press briefing on consultation.

UPDATE: Adds references for Beaxy Bittrex Wahi Cases.

Sandali Handagama is the editor.