An official of a German crypto regulator wrote on the need for global crypto regulation while recognizing its progress and their stance on the matter.
The path shown by the Markets in Crypto-Assets Act has been a perfect example of collection crypto regulation. While the need for a consensus on global crypto regulation has only grown louder, it is still not a reality. The German Federal Financial Supervisory Authority (BaFin) has recently expressed its viewpoint on the same.
BaFin’s Executive Director of Strategy, Policy, and Control, Rupert Schaefer, published a post on crypto regulation. He stressed the effective implementation of global crypto regulation, citing examples when risks had emerged from the industry.
The German crypto regulator’s executive also recognized the MiCA’s role in uniting the European Union on crypto regulation. He also mentioned the Financial Stability Board’s recommendations. The same suggestions were also helpful for the G20 countries to come to a declaration that included crypto.
“For us as BaFin it is clear: only those who have a plausible business model, sufficient start-up capital and reliable management staff will receive permission from us. We take supervisory standards seriously,” said Schaefer.
The German crypto regulator’s blog post was clear on where it stood on regulations. It stated the global rules for regulation should also be applied to niche financial centers. The rules for regulation should also not exempt any stakeholder, it implied.
The stance taken by the German crypto regulator could be a positive example for all regulators to take an encouraging attitude towards authentic and compliant crypto firms.