Daily View | Sunday September 04

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IOSCO plans to issue cryptocurrency policy recommendations by the end of next year

The International Organization of Securities Commissions (IOSCO) Fintech Working Group was recently tasked with developing a set of policy recommendations for global securities regulators on cryptocurrencies, according to Golden Finance. Lim Tuang Lee, chair of OSCO’s Fintech Working Group and assistant managing director of the Monetary Authority of Singapore’s Capital Markets Division, said that international guidelines are urgently needed and that the dramatic crash in the cryptocurrency market earlier this year largely influenced IOSCO’s decision to develop “common standards”. IOSCO aims to publish the recommendations by the end of next year. (The Block)

Co-founder of Animoca Brands: Much of the underlying infrastructure is already in place in terms of the hardware and networking required to support the transition to Web3

Yat Siu, co-founder and chairman of Animoca Brands, who gave the keynote interview at the Urban Land Institute’s Asia Pacific Summit on Wednesday, reported that the transition to the next generation of the Internet, Web3, will happen faster than many people think. In the next 18 months or so, we expect hundreds of millions of new entrants to the open metadata space as the quality of open metadata products, such as new and higher quality blockchain games, are launched and will attract a new wave of people to the space. Web3 is a decentralised version of the internet that will transfer digital ownership from tech companies to users so they can move freely across platforms in the open meta-universe. As people find more ways to use NFT in the metaverse, they will appreciate the value this freedom brings to them. Siu also believes that this shift will not be hindered by physical limitations. Much of the underlying infrastructure is already in place in terms of the actual hardware and networks needed to support the transition to Web3.

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