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Global regulators to target crypto platforms after FTX crash

The new chair of global securities watchdog IOSCO says the crash of FTX exchange has injected greater urgency into regulating the crypto sector and targeting such 'conglomerate' platforms will be the focus for 2023.

In an interview with Reuters, Jean-Paul Servais said regulating crypto platforms could draw on principles from other sectors which handle conflicts of interest, such as at credit rating agencies and compilers of market benchmarks, without having to start from scratch.

Cryptoassets like bitcoin have been around for years but regulators have resisted jumping in to write new rules.

But Mr Servais says the implosion at FTX, which left an estimated one million creditors facing losses totalling billions of dollars, will help change that.



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