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Germany’s financial regulator is pushing for a global framework on cryptocurrency regulation. Since national regulations are inadequate and that a strong, unified approach is needed to ensure that the cryptocurrency markets are secure and transparent.
As reported by Reuters, the president of Germany’s BaFin, Mark Branson, has said that a self-regulating crypto market has shown not to word.
Branson has been vocal in his opinion that cryptocurrencies must be regulated to ensure that they do not become a tool for money laundering or other financial crimes. He has also spoken out in favor of greater international cooperation in the cryptocurrency space, including the sharing of information between countries. A series of specific measures is said to be needed, such as introducing rules for initial coin offerings and token sales, as well as increasing customer protection.
Speaking with local reporters on Tuesday, Branson said:
“Now is the time for serious cryptocurrency regulation.
“The most important point is that it doesn’t need just a European solution. It needs a worldwide solution.”