What is the difference between BS and IEC standards?

Could you elaborate on the key differences between BS and IEC standards in the context of cryptocurrency and finance? I'm particularly interested in understanding how these standards govern various aspects of the industry, from technical specifications to safety measures. How do they differ in their scope, approach, and overall impact on the sector? Are there any specific instances where one standard is preferred over the other, and why? I'd appreciate a concise yet comprehensive overview of the distinguishing features between these two standards.