IMF Calls for International Crypto Regulation, Suggests Additional Prudential Requirements for Stablecoin Issuers

The International Monetary Fund (IMF) released a report on global financial stability calling for consistent international regulation of the cryptocurrency industry, CoinDesk reported. “The collapse of multiple entities in the cryptoasset ecosystem has renewed the urgent need for comprehensive, consistent regulation and adequate regulation,” the report said, with a focus on consumer protection and corporate governance. The report also said that regulations should cover crypto storage, transfer, exchange, and reserve custody, with additional prudential requirements for entities and stablecoin issuers that perform multiple functions, including requiring them to maintain the value of the tokens relative to fiat currencies.