Bitcoin Electronic Crypto Currency Exchange Concept Illustration

In the wake of a crypto market meltdown that has inflicted heavy investor losses, global securities regulators are looking to step into the breach.

The International Organization of Securities Commissions (IOSCO) published its plans for addressing the lack of regulation in the crypto space over the next couple of years.

IOSCO’s new fintech task force created earlier this year has established two workstreams — one focusing on cryptoassets and one for decentralized finance (DeFi) — with the aim of delivering policy recommendations by the end of 2023.

The umbrella group of global regulators said its work “is primarily focused on analyzing and responding to market integrity and investor protection concerns” in the wake of recent market turmoil that, it said, “resulted in significant investor losses due to inadequate regulatory protection and market safeguards.”

The U.K.’s Financial Conduct Authority is leading the work on cryptoassets, and the U.S. Securities and Exchange Commission is heading up the work on DeFi. The Ontario Securities Commission and Quebec’s Autorité des marchés financiers are both on the task force too.

“IOSCO’s ambitious roadmap will deliver the global policies needed by regulators to address the considerable risks arising from a rapidly developing, complex and opaque cryptoasset ecosystem whilst preserving the societal benefits of innovation,” said Ashley Alder, IOSCO chair and CEO of the Securities and Futures Commission of Hong Kong, in a release.

The group’s task force is also working with the Financial Stability Board on issues involving possible risks to financial stability, it noted.

“The cross-border nature of cryptoassets and markets calls for a robust set of policy recommendations to support consistent and coordinated regulatory action,” said Tuang Lee Lim, chair of the task force and assistant managing director (capital markets) at the Monetary Authority of Singapore. “In carrying out its work, the IOSCO fintech task force will collaborate closely with other international bodies to address the priority areas of market integrity and investor protection, as well as their implications for financial stability.”