Agents responsible for foreign commercial bank regulatory organizations feel that operating several physical digital currency enterprises in different countries needs to be supervised by a combined "local" regulatory organization. to prevent them from playing "mobile games" committed to avoiding regulators.

Michael Hsu, the agent responsible for the Office of Monetary Engineering Supervision (OCC), made the comments in a speech to be prepared for the International Banker Research Conference in Washington, D.C., on March 6th.

OCC is an organization headed by the National Ministry of Finance, which supervises banks in the United States and is committed to ensuring the safety of banking operations in their home countries. It has the right to allow or reject financial institutions to engage in password-related activities.

In his wonderful speech, Xu Zhiyong brought the "valuable cryptographic work experience" of traditional finance in how to maintain trust around the world.

He declared that unless a cryptographic company is subject to a physical regulation, companies that produce and operate in several jurisdictions will "potentially play fraud" under hedging arbitrage regulation. It will then be able to "cover up its true risk".

"it must be clear that not all password fans around the world do this. But there is no way to know that these players are very trustworthy and what is not trustworthy until a reliable third party, such as the home country regulatory organization of the business merger, can regulate them valuably.

At this stage, no password service platform is subject to unified supervision. None, "he added.

The collapse of FTX, a password trading centre, was used as an example of why the interior space needed a "home" regulatory organization. Xu Zongheng compared the trading center to the bankruptcy of International Credit and Banking (BCCI), an international financial institution found involved in a series of financial crimes.

Mr Xu says the "piecemeal regulation" of the two companies represents that no institution or audit firm can have a "unified and comprehensive view" of them because it operates overseas and the government itself does not have a resource-sharing framework.

"based on the seemingly ubiquitous and physical lines built in several jurisdictions, they are virtually nowhere to be found and can evade valuable regulation."

Among the reasons for advocating such regulation, Mr Xu said the arguments in the BTC (BTC) industry report were "elegant", but the passwords "proved to be extraordinarily deranged and very complex".

He added that peer-to-peer payments were "basically non-existent" and that password keys had become an alternative asset class, mainly by the core of trading behaviour and relying on retailers to "operate on all scales".

"the events of the past year have shown that trust in such intermediary services is likely to be lost very soon, and many of them are vulnerable, which could lead to a chain reaction to the existing financial system."

Xu Zongheng made it clear that international organizations that must establish a comprehensive worldwide regulatory and regulatory framework for password participants can learn lessons from the BCCHK case.

In particular, Xu Zongheng is nominated by the Financial Stability Board (FSB), the International Monetary Fund (IMF), the International Securities Regulatory Commission (IOSCO) and the Bank for International Settlements (BIS).

The Financial Stability Board, the International Monetary Fund and the Bank for International Settlements are now developing documents and recommendations to establish a regulatory framework for passwords worldwide.

"Trust is a weak thing. It's hard to earn, and it's very easy to lose, "says Hsu Chih-yung.

"Regulatory coordination and regulatory cooperation help reduce the risk of losing such trust. It was only after going through a hard process in the commercial bank that we realized one thing. I firmly believe that this includes valuable experiences and lessons for data encryption.