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BaFin President Mark Branson. Image: Arne Dedert/picture Alliance via Getty Images
Germany’s top regulator has called for global regulation of the crypto industry. He did it to prevent money laundering, protect consumers and maintain financial stability.The massive collapse of the FTX empire has made regulators even more alarmed. Legislators are committed to implementing effective and efficient crypto regulation. Mark Brunson, president of Germany’s financial regulator, the Federal Financial Supervisory Authority (BaFin), agrees.
He believes a no-interference approach that “just lets the industry grow as an adult playground” is the wrong strategy. He is the president of BaFin, the German financial market regulator. He believes that “Crypto Spring” could follow “Crypto Winter”. But according to Branson, Crypto Springs will eventually tie into the traditional financial system, increasing the need for regulation.
He said, “Now is the time for serious cryptocurrency regulation…Most importantly, we don’t just need a European solution. We need a global solution.”
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