BIS Signals Cryptocurrencies Should Be Regulated Like Securities
- Comments show consensus may be forming around defining tokens
- Big banks and startups both want more certainty around rules
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For months, global regulators have been scrambling to get a grip on cryptocurrencies. Yet, even as they debate potential action, a key question looms: What exactly are these things?
Now, a consensus appears to be forming around how to define these new instruments. In a speech today at the annual general meeting of the Bank for International Settlements in Basel, Switzerland, Hyun Song Shin, the BIS’s economic adviser and head of research, said many of them should be considered the same as stocks and bonds.