“The Global Consortium for Digital Currency Governance will aim to increase access to the financial system through innovative policy solutions that are inclusive and inter-operable Opportunities for financial inclusion will be only unlocked if the space is regulated properly and includes public-private cooperation across developed and high-growth markets.”
“Although this paper does not assess which method of regulation of ICOs and cryptocurrencies can ultimately be qualified as best strategy, we conclude that a positive and facilitating approach offers more opportunities for investors and innovative companies. However, this approach requires a clear and detailed legislative and regulatory framework for all parties involved in the establishment, issuing, storing or trading of cryptocurrencies and ICOs. Such a framework should at least provide boundaries with regard to money laundering and other common forms of cybercrime. Moreover, it should provide some sort of consumer/investor protection and clarity when it comes to tax liability. A legislative and regulatory framework that provides all these aspects will prevent abuse and may enable governments to intervene when issues occur.”
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The Kiffmeister is a former Senior Financial Sector Expert at the International Monetary Fund.
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