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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: 1) by khallow on Tuesday December 20 2022, @05:54PM (2 children)

    by khallow (3766) Subscriber Badge on Tuesday December 20 2022, @05:54PM (#1283372) Journal
    Show that's a real problem.
  • (Score: 2) by quietus on Thursday December 22 2022, @05:14PM (1 child)

    by quietus (6328) on Thursday December 22 2022, @05:14PM (#1283604) Journal

    The economic shocktherapy applied to Russia after the disintegration of the USSR, by Friedman and the rest of the Chicago Boys.

    • (Score: 1) by khallow on Friday December 23 2022, @01:26AM

      by khallow (3766) Subscriber Badge on Friday December 23 2022, @01:26AM (#1283665) Journal

      The economic shocktherapy applied to Russia after the disintegration of the USSR, by Friedman and the rest of the Chicago Boys.

      Even so, the Chicago Boys didn't create the oligarchs. Or the corruption of present day Russia and Ukraine. I agree that the approach you mentioned failed hard. I don't agree that it is somehow relevant to my observations (which are independent of Chicago Boys). After all, Russia didn't get to that abject state, where Chicago Boys were taken seriously, through deliberately sown instability, but through an authoritarian straitjacket that had bound the society for over 70 years.