Crypto Needs Global Regulation Push, German Watchdog BaFin Says

Crypto assets should be covered by global rules to ensure they don’t pose financial stability risks or harm consumers, the head of Germany’s securities watchdog BaFin said.

“Now is the time for comprehensive rule making,” BaFin President Mark Branson said late Tuesday at a press briefing. Branson said he would support an expanded, global version of a European proposal for crypto regulation known as Markets in Cryptoassets, or MiCA.

The remarks from one of Germany’s most senior financial supervisors come on the heels of the FTX collapse, which has plunged the crypto market in turmoil and added to doubts about ...