JUNEASIA BUSINESS OUTLOOK8IOSCO REVEALS GLOBAL GUIDELINES FOR REGULATION OF CRYPTO & DIGITAL MARKETSVIETNAM & ISRAEL TO IMPLEMENT BILATERAL FREE TRADE AGREEMENTThe International Organisation of Securities Commissions (IOSCO) revealed on Tuesday the first global approach to regulating cryptoasset and digital markets, relying on lessons learned from the collapse of the FTX exchange last year, which fueled consumer worries about consumer safety.As different governments follow their own standards, the industry, which normally simply has to comply with anti-money laundering procedures, has been asking for a worldwide approach to regulation.The steps come after crypto exchange FTX filed for bankruptcy in the United States last November, following a liquidity crisis that forced global regulators to intervene.The suggestions issued on Tuesday represent a "watershed moment in addressing the very clear and proximate risks to investor protection and market integrity", according to Jean-Paul Servais, chair of the board of the International Organisation of Securities Commissions (IOSCO).The suggested guidelines address dealing with conflicts of interest, market manipulation, cross-border regulatory cooperation, cryptoasset custody, operational hazards, and retail customer service.The 18 planned procedures will use long-established safeguards from mainstream markets to eliminate conflicts of interest between the various aspects of a cryptocurrency transaction.The watchdog said it hoped to complete the standards by the end of the year and that its 130 members around the world would use them to quickly fill gaps in national rulebooks. Vietnam recently stated that it will continue to collaborate closely with Israel in order to negotiate and implement their bilateral free trade agreement (FTA). Nguyen Hong Dien, the former minister of industry and trade, met with Israel's ambassador to the country, Yaron Mayer, in Hanoi.To facilitate import and export, Dien advocated establishing systems for information sharing between agencies on both sides regarding policies, technical standards, and regulations applicable to a variety of import and export commodities.Based on a news source, he also urged for increased cooperation in high-tech equipment, biotechnology, agricultural product processing, food, and other promising industries where the two countries are strong.According to him, Vietnam encourages Israeli companies to invest more in industrial production, biotechnology, information technology, new material technology, consumer goods and food industries, start-ups, vocational training, technology transfer, and high-tech development.Vietnam's third largest export market and fifth largest trading partner in West Asia is Israel.Vietnam's exports to Israel will now comprise clothing and textiles. NEWSROOMJUNEASIA BUSINESS OUTLOOK8
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