EU commissioner calls for global regulation after FTX bankruptcy

Brussels The EU Commission is calling for global regulation of the crypto sector. The bankruptcy of the third-largest crypto exchange FTX is a “wake-up call”, says Finance Commissioner Mairead McGuinness in an interview with the Handelsblatt. Investments in crypto are “a high-risk game”, as has now been shown again. “We can’t just let things like this go on.”

McGuinness says that since the platforms have an international reach, supervisors have to act globally. “It’s a bit like climate change: as long as Europe acts alone, the problem will not be solved.”

McGuinness sees the crypto crisis as confirmation of the EU’s decision to regulate the sector at an early stage. “Caution may not be the worst approach,” she says. Other governments, including the US, have shown keen interest in Europe’s cryptocurrency policy, Mica.

Read the whole interview here: