Germany’s financial watchdog has issued a call for global regulation of the crypto industry in the aftermath of the FTX collapse. The hands-off approach was wrong, the head of the agency says, insisting it’s time to protect consumers as the sector expands links with traditional finance.
Bafin President Convinced Self-Regulation Won’t Work for Crypto
The man at the helm of the Federal Financial Supervisory Authority of Germany (Bafin) has urged for global regulation of the cryptocurrency space. This would ensure better protection for consumers, prevent money laundering and preserve financial stability, according to Mark Branson.
A hands-off approach that would “just let the industry grow as a playground for grownups” was the wrong tactic, the executive told reporters in Frankfurt on Tuesday, shortly after U.S. authorities charged Sam Bankman-Fried, founder of failed crypto exchange FTX, with fraud and other crimes.
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