The European Union has shown a huge development in the case of the regulation of the cryptocurrency space. In this respect, it has approved the well-known comprehensive agenda called Markets in Crypto Assets (MiCA). Despite this, the worldwide regulation of crypto assets is still unsettled, as a prominent executive from the German Federal Financial Supervisory Authority (BaFin) disclosed.
Crypto Regulator of Germany Emphasizes the Need for Global Rules for Governing Financial Centers
On 18 September, Rupert Schaefer (BaFin’s Executive Director of Strategy, Policy and Control), shared a blog post in this respect. The executive pointed toward the significance of unitary worldwide regulation of the crypto market. While referring to the instance of the notorious FTX, Schaefer drew a comparison between the regulators and the control system of air traffic.
In addition to this, the executive assimilated the decentralized finance platforms and crypto assets to unidentifiable flying objects (UFOs). He acknowledged the clear progress that took place in the crypto regulation with the help of the MiCA framework. As per the executive, the adoption of this agenda within the EU jurisdiction has been very assistive.
Schaefer also discussed the recommendations that the International Association of Securities Commission and the Financial Stability Board proposed. The executive pointed out these things as the other contributing factors. Additionally, Shaefer referred to the exclusive worldwide supervisory standard set by the Basel Committee. The respective standards focus on the treatment of the exposures to crypto assets.
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Nonetheless, the official also talked about the inconsistencies that are present on a worldwide scale. Narendra Modi, the Prime Minister of India, recently expressed an analogous sentiment. He supported global cooperation among the members of the G20 states to formulate regulations for cryptocurrency regulations. In the meantime, Germany has turned into a frontrunner among the fintech firms in terms of getting investments.
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