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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 Opportunist on Thursday December 22 2022, @10:56AM (2 children)

    by Opportunist (5545) on Thursday December 22 2022, @10:56AM (#1283575)

    So I guess what you're saying here is what makes companies give a shit about their customer's safety is governmental regulation of the industry, did I get that right?

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  • (Score: 1) by khallow on Friday December 23 2022, @01:18AM (1 child)

    by khallow (3766) Subscriber Badge on Friday December 23 2022, @01:18AM (#1283664) Journal
    Lawsuits are a very different sort of regulation which is very popular with government minimalists.
    • (Score: 2) by Opportunist on Saturday December 24 2022, @10:05AM

      by Opportunist (5545) on Saturday December 24 2022, @10:05AM (#1283834)

      Lawsuits only work if there are laws. Else, well, you can sue, but there ain't anything to base your case on.

      Now guess who makes those laws. And where again do you take those lawsuits?