BaFin Official Calls for Global Crypto Regulation Despite EU Framework!

Author: Mustafa Mulla

Mustafa has been writing about Blockchain and crypto since many years. He has previous trading experience and has been working in the Fintech industry since 2017.

Sep 19, 2023 16:35

The need for global regulation of the crypto industry remains despite the European Union’s comprehensive framework, Markets in Crypto Assets (MiCA), according to the Executive Director of Strategy, Policy, and Control at BaFin, Rupert Schaefer. Schaefer compared regulators to air traffic control and some crypto assets and decentralized finance projects to unidentifiable flying objects, citing the example of FTX. While there has been progress in regulating crypto with MiCA adoption in the EU, the official said there are still inconsistencies globally and called for common principles to be implemented worldwide.