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

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: 2) by mcgrew on Monday December 19 2022, @10:04PM

    by mcgrew (701) <publish@mcgrewbooks.com> on Monday December 19 2022, @10:04PM (#1283230) Homepage Journal

    Let Germany regulate the German fools any way they want. Nobody can keep your money safe if you're foolish enough to invest somewhere that you don't know where it's going. Like Florida in the 1920s [mcgrewbooks.com] (link is to Only Yesterday, a 1933 history of the 1920s). The easiest people to defraud are dishonest greedy people.

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    mcgrewbooks.com mcgrew.info nooze.org
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