Rupert Schaefer, the Director of Policy and Oversight at the German Federal Financial Supervisory Authority (BaFin), stated in a blog post published on September 18 that the European Union has made significant progress with its new regulations for Crypto Asset Markets (MiCa), but the global regulatory need for the crypto industry continues.
At What Stage Are the European Union’s Crypto Regulations?
With the wider adoption of blockchain technology and cryptocurrencies in recent years and their increasing global popularity, many countries’ financial regulatory bodies have started working intensively on regulations. In recent times, there have been several new developments regarding cryptocurrency regulations in many countries.
With the Crypto Asset Markets regulations (MiCa), which are planned to come into effect in 2024, the European Union has achieved an important milestone in crypto regulations. However, a clear regulatory framework for the crypto industry has not yet been established in many countries, especially the United States.
Rupert Schaefer, the Director of Policy and Oversight at BaFin, drew attention to this ongoing regulatory uncertainty in a new blog post. Highlighting the potential risks of cryptocurrencies, Schaefer called for the regulations to be applied to all financial centers globally.
Crypto Statement from the German Regulator
BaFin official Rupert Schaefer emphasized the potential risks of cryptocurrencies in a new blog post published on September 18 and called for the global implementation of crypto regulations in all financial centers. Schaefer stated that the approval of MiCa by the European Union and the countdown to its implementation process are significant milestones in crypto regulations, but he also expressed the need for a clear regulatory framework on a global scale.
Schaefer stated that common principles and standards for crypto regulations should be implemented globally in a stable manner. Additionally, referring to the FTX bankruptcy in the blog post, BaFin’s Director of Policy and Oversight, Schaefer, also highlighted the potential risks of cryptocurrencies.
