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Germany Wants Countries to Regulate the Crypto Industry After the FTX and Bankman-Fried Debacle

posted by janrinok on Sunday December 18 2022, @02:23PM   Printer-friendly
from the regulating-self-regulation dept.

upstart writes:

Germany wants countries to regulate the crypto industry after the FTX and Bankman-Fried debacle- Technology News, Firstpost:

Germany's top regulator this week called for global regulation of the cryptocurrency industry to protect consumers, prevent money laundering and preserve financial stability.

Mark Branson, the president of Germany's financial market regulator BaFin, also known as the Federal Financial Supervisory Authority of Germany, said a that hands-off approach that would "just let the industry grow as a playground for grownups" was the wrong tactic.

"We've seen the self-regulated world. It will not work," Branson told journalists in Frankfurt on Tuesday evening.

Branson was speaking hours after U.S. prosecutors accused Sam Bankman-Fried, founder of cryptocurrency exchange FTX, of misappropriating billions of dollars and violating campaign laws in what has been described as potentially one of America's biggest financial frauds.

[...] Regulation of the industry has been loose and patchwork at best. Germany requires licences for banks to deal with cryptocurrency.

[...] The European Union has been working on a new Markets in Crypto Assets Regulation (MiCA) that some, including European Central Bank President Christine Lagarde, say would need to be broadened out in a future iteration and branded "MiCA 2".

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  • (Score: 0) by Anonymous Coward on Sunday December 18 2022, @07:01PM (1 child)

    by Anonymous Coward on Sunday December 18 2022, @07:01PM (#1283025)

    You seem to be under the impression that regulation leads to institutional corruption. Maybe so, but absence of regulation does not lead to freedom - it leads to criminal corruption. We have shown over the past 1000 years or so that we are slowly getting a grip on institutional corruption (Kings, emperors, dictators).

  • (Score: 1) by khallow on Monday December 19 2022, @03:11AM

    by khallow (3766) Subscriber Badge on Monday December 19 2022, @03:11AM (#1283101) Journal

    You seem to be under the impression that regulation leads to institutional corruption.

    It leads to institutional corruption that matters. If the organizations are low funded and powerless, then it really doesn't matter how corrupt they get.

    Maybe so, but absence of regulation does not lead to freedom - it leads to criminal corruption. We have shown over the past 1000 years or so that we are slowly getting a grip on institutional corruption (Kings, emperors, dictators).

    Will messing with crypto by these clods prevent the disappearance of any regulation? Else there won't be an absence of regulation. For a glaring example, gains on crpyto is taxable almost everywhere. Failing to report those taxable gains is similarly illegal. Increased or reduced global regulation of crypto doesn't change that a bit.