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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 sjames on Wednesday December 21 2022, @12:37AM (1 child)

    by sjames (2882) on Wednesday December 21 2022, @12:37AM (#1283426) Journal

    You have successfully argued that regulation needs to be vigorous and have teeth. I agree.

    Starting Score:    1  point
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  • (Score: 1) by khallow on Wednesday December 21 2022, @01:05AM

    by khallow (3766) Subscriber Badge on Wednesday December 21 2022, @01:05AM (#1283430) Journal

    You have successfully argued that regulation needs to be vigorous and have teeth.

    If we're going to have it, sure. If we don't have it, then it doesn't need to be anything.