The authors of the document note that one of the key aspects in the regulation of cryptocurrencies is the cooperation between the governments of different countries and global coordination.
This will prevent differences of approach between regulators in different countries and make enforcement consistent.
The authors of the document identified a number of problems in the current regulation of cryptocurrencies, including the treatment of digital assets as traditional financial assets.
“Cryptocurrency assets and their ecosystem do not always fit fully into the current activity-based and intermediary approach to regulation, even when actions with crypto-assets replicate those in the traditional financial market,” the paper notes.
The guidance cites multiple regulatory classifications for comparison. For example, results-based regulation and risk-based regulation are considered.
Separately, the regulation on fines, which is applied in the U.S.. And the authors of the document do not approve of this approach.
The authors of the guidelines emphasize the need for flexible regulation of the industry, the development of which will involve not only the country’s authorities, but also representatives of the industry.
Regulatory sandboxes, the creation of guidelines for cryptocurrency firms and letters of no objection from regulators were cited as positive developments.
“Regulatory drafters and industry participants need to collaborate and share work between countries to ensure consistency and clarity.
Because these new technologies are based on transparency, it is possible to create the best regulatory tools to solve cross-border problems,” the WEF said.
Recall that in April the WEF organizers acknowledged the economic and environmental benefits of bitcoin mining, saying that this activity could significantly reduce greenhouse gas emissions into the atmosphere.