Recently, Cardano Foundation has shared its reaction to the policy recommendations made by IOSCO Press. The focus of the platform in its reaction was on the recommendations dealing with digital assets and crypto markets. The company took to X to present a summary of its reaction to the community. In this respect, the platform shared a thread of tweets expressing its response.
Cardano Foundation Releases a Response to the Policy Recommendations Made by IOSCO
The initial reaction that Cardano gave was that the policy needs to establish a difference among blockchain infrastructures as well as its diverse applications. In addition to this, the crypto company noted that it agrees with the activities-based approach of the report. Nonetheless, it added that there is a need for an additional granular and operation-centred categorization. As per Cardano, such a categorization would enhance clarity to facilitate the stakeholders.
After that, the platform said that it appreciates the report’s outcome-driven and functional rules. Nevertheless, it disclosed that the rapid-paced innovation within the world of blockchain turns overly prescriptive rules swiftly outdated. Hence, Cardano Foundation pointed toward the adoption of a risk-based and flexible agenda that minimizes hazards in a balanced way.
The abovementioned points seem to be fine reactions to the policy recommendations of IOSCO Press. While moving on, Cardano pointed out that it finally agrees with the agency’s principle that says “same activity, same risk, same outcome.”
The Crypto Platform Stresses that Regulation Should Assist Innovation Rather than Blocking It
Nonetheless, it claimed that often just the financial activity-related risk lens is utilized to see the blockchain sector. While acknowledging the existence of those risks, Cardano Foundation mentioned that the opportunities move far beyond only economic use cases. While concluding the response, the crypto firm highlighted that regulation must provide assistance rather than a hindrance in the way of innovation.
