On February 16, GBBC Digital Finance declared that it became an affiliate member of the International Organisation of Securities Commissions (IOSCO), which is a global organisation that creates and advocates for global securities standards.
IOSCO consists of 35 national securities regulators and more than 200 affiliated organisations.
GBBC Digital Finance has joined the Affiliate Members Consultative Committee, which is the 70th member of the committee. This committee contributes to IOSCO policy and standards development. Its members also create groups that conduct yearly training sessions on matters related to securities.
In July, IOSCO issued the "Crypto-Asset Roadmap”. Lawrence Wintermeyer, the chairman of GBBC Digital Finance, stated that they would collaborate with IOSCO to support the Crypto and Digital Assets (CDA) and Decentralised Finance (DeFi) working groups. They intend to engage their members in 2023 to provide aid to these working groups as needed.
In March, IOSCO published a document on DeFi, which identified a variety of potential hazards in the technology. Furthermore, in July, the organisation collaborated with the Bank for International Settlements to provide recommendations on stablecoins.
The Global Blockchain Business Council (GBBC) is an international organisation that operates in the blockchain technology industry and provides educational initiatives. It has also been present at the World Economic Forum.
In May 2022, it merged with Global Digital Finance, a market standards association that promotes the use of crypto and digital assets, to create GBBC Digital Finance.
Following the merger, GBBC Digital Finance had 500 institutional members and 178 ambassadors working in 95 different regions.
GBBC Digital Finance's CEO, Emma Joyce, stated in the February 16 announcement that their primary focus for 2023 at Global Digital Finance (GDF) is to collaborate with regulators and policymakers. They will work together to create an educational and engagement platform for DeFi.
The writer is the founder at yMedia. He ventured into crypto in 2013 and is an ETH maximalist. Twitter: @bhardwajshash