Crypto assets now have a more mainstream presence that calls for comprehensive regulations.
A report by IMF markets director Aditya Narain and assistant director Marina Moretti titled ‘Regulating Crypto’ considers crypto assets to be mainstream. The report said that cryptocurrencies were no longer a ‘niche product’ and are now being used for speculative investments, payment instruments, and as a hedge against weak fiat currencies.
The report added that there was a greater need for comprehensive regulations in the space. Rapid evolution in the market, obstacles in monitoring, and absence of skills on the part of the regulators were the major hindrance to developing a regulatory framework for crypto assets.