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