Top Regulator Of Germany Calls For Global Crypto Regulation
- EU Regulation
- December 26, 2022
- No Comment
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.”
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