A global Crypto governing organization is likely to be established in the coming year

Ashley Alder, chair of the International Organization of Securities Commissions (IOSCO), stated that the rise of digital currencies like Bitcoin was one of three major issues that authorities were currently focusing on, alongside COVID and climate change.

“If you look at the dangers we need to handle, they are numerous, and there is a wall of fear about this (Crypto) in institutional dialogues,” Alder stated on Thursday during an online conference hosted by the OMFIF thinktank.

He identified cybersecurity, operational resilience, and a lack of transparency in the Crypto sector as important issues that authorities are failing to address. This week’s focus on Cryptocurrency markets has increased due to more unpredictable volatility that has long frightened regulators.

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Following the demise of so-called’stablecoin’ TerraUSD, the head of the Senate Banking Committee urged U.S. lawmakers on Wednesday to tighten Crypto laws, while Bitcoin has also dropped about 20% this week.

Alder said a global group to try to harmonize Crypto laws was certainly needed, comparing it to different climate finance setups already in place, including one under the G20 group of top economies.

“At the present, there isn’t anything like that for Crypto,” said Alder, who is also the CEO of Hong Kong’s Securities and Futures Commission. “But, as one of the three C’s (COVID, climate, and crypto), I believe it is now extremely important. It has moved up the agenda, so I doubt that will be the same time next year.”