New calls for stricter regulation of cryptocurrencies were launched in Germany.
And this time, it is the BaFin, regulator of the financial markets across the Rhine, which is asking for the implementation of reinforced control measures.
The laissez-faire didn’t work
It is a known fact. Many traditional finance bodies have a hard time against the cryptocurrency sector. A few weeks ago, the European Central Bank produced a new rant on its blog where it explained that Bitcoin was useless, polluting, and only oriented towards speculation.
This time, it was the president of the German financial policeman BaFin, Mark Branson, who went there with his little criticism. After the latest scandal of the fall of FTX (whose founder Sam Bankman-Fried was just arrested), he felt the laissez-faire approach was a failure. ” Just let the industry grow like a grown-up playground would have been a mistake.
To avoid excesses, but also to help the sector to develop properly, he believes that new rules will have to be applied. ” We have seen the world self-regulated. It will not work “, he remarked.
The Need for a “Global Solution”
Mark Branson has several times in the past shown a certain distrust of the world of crypto-currencies. He thus explained last month in an interview for the ECB website that “ not all crypto business models were serious “.
” Waves of innovation, as we know, also bring profiteers and scammers “, he then added. And so that a crypto spring “follows what he deems to be his” winter Today, he advocates more serious regulations for this asset class.
An effort that will have to go through international cooperation. ” The most important point is that [le secteur] does not just need a European solution. It needs a global solution “, he says as well. An outstretched hand towards international organizations?
Source : Reuters
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