Cryptocurrency regulation: BoG, SEC must collaborate closely to align risk assessments – IMF

In a report titled “Regulation and Supervision of Crypto Markets and Activities”, the Fund said the crypto asset market is highly dynamic and innovative, requiring constant collaboration and exchange of information between the BoG and the SEC to prevent the emergence of blind spots or the exploitation by market participants of supervisory gaps for the purpose of regulatory arbitrage.

To ensure the consistency and quality of the reporting data, the Fund also called on the BoG and SEC to consider the use of a single reporting framework for all supervised entities.

It added that the coordination committee should propose a formal collaboration structure that minimises the risk of regulatory arbitrage and the emergence of supervisory blind spots.