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
Mark Branson, president of BaFin. Image: Arne Dedert/picture alliance via Getty Images
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.
