(IMF) The International Monetary Fund is calling global regulators to adopt a common regulatory approach for crypto assets.
In a quest for a comprehensive and clear framework of regulation, IMF says crypto-asset service providers need to be fully licensed.
The global body says regulations for cryptocurrencies should align with their primary use, alongside the stablecoins, without stifling their innovative elements.
The IMF also calls for guidelines on other regulated financial institutions relating to their involvement in cryptocurrencies, including outlining the prevailing risks.
A further call by the IMF is that cross-border collaboration should be embraced to tackle emerging issues in the digital assets space. It says uncoordinated regulatory moves could destabilize the ecosystem.
IMF says global regulators should start working on the framework for cryptocurrencies immediately as the sector is rapidly growing.
BTCUSD is up +1.36%, ETHUSD is down -1.51%.
