Top regulator of Germany calls for global crypto regulation
He further stated that the lack of a stringent oversight regime was a mistake and that many security concerns could have been avoided if strict regulations had been in place
Germany's top regulator called for global regulation of the crypto industry. He did it in order to prevent money laundering, protect consumers, and maintain financial stability. The massive collapse of the FTX empire has alarmed regulators even more. Lawmakers are working to implement effective and efficient crypto regulation. Mark Branson, the president of Germany's financial regulatory body, the Federal Financial Financial Supervisory Authority (BaFin), concurs.
He believes that a hands-off approach that "just lets the industry grow as a playground for grownups" is the wrong strategy. He is the president of BaFin, Germany's financial market regulator. He believes that a "crypto spring" may follow a "crypto winter." However, the crypto spring ultimately ties to the traditional financial system, increasing the need for regulation, according to Branson.
He said, “Now is the time for serious cryptocurrency regulation…The most important point is that it doesn’t need just a European solution. It needs a worldwide solution.”
Branson further urged all nations to work together to establish an articulate and comprehensive regulatory framework as soon as possible. He further stated that the lack of a stringent oversight regime was a mistake and that many security concerns could have been avoided if strict regulations had been in place. Notably, he has previously issued a warning to consumers. He advised them to be wary of crypto projects they invest in because they may carry significant risks.
Last Updated :
December 26, 22 01:56:06 PM IST