Watchdog proposes first set of global rules for crypto sector

LONDON, May 23 (Reuters) - International securities watchdog IOSCO on Tuesday proposed the first global approach to regulating cryptoasset markets, applying lessons from the collapse last year of FTX exchange that raised concerns over consumer protection.

The International Organization of Securities Commissions (IOSCO) proposed standards for dealing with conflicts of interest, market manipulation, cross-border regulatory cooperation, custody of cryptoassets, operational risks, and treatment of retail customers.