International Securities Regulator IOSCO Appoints Jean-Paul Servais as its new Chair

The International Organization of Securities Commissions (IOSCO) has appointed Jean-Paul Servais as its new chair, according to a press release on Wednesday.

Servais, who was previously Vice Chair of the IOSCO Board, will be replacing Ashley Alder. He is also Chairman of Belgium's Financial Services and Markets Authority (FSMA).

The new chair is no stranger to the crypto world as the FSMA launched a consultation in July looking into the classification of crypto as securities, investment instruments or financial instruments. He has also provided information on cryptocurrencies during a senate hearing in 2020.

IOSCO, the global standard setter for the securities sector has been amping up its work efforts around the crypto space lately along with many other bodies in the world that have seen crypto both attract and lose trillions over two years.

Recently IOSCO has been calling for securities regulators to have the power to demand that foreign crypto ads be taken down. It published guidance on stablecoin's regulation in July. Also, IOSCO's fintech task force, that was set up in March, said in June that it would focus on developing global crypto rules.

"IOSCO plays an increasingly important role in ensuring the smooth functioning of today's capital markets and protecting investors, and I look forward to building on Ashley's legacy after his six fruitful years at the helm of IOSCO," Servais said in the press release.

The new Board also appointed Ariizumi Shigeru, Vice Commissioner for International Affairs, Financial Services Agency, Japan, as well as Rostin Behnam, chair of the U.S. Commodity Futures Trading Commission to be its new vice chairs.

"The road ahead promises to be difficult, given the current geopolitical and economic context," Alder said in the statement.