Mark Branson – President of Germany’s financial market regulator BaFin – reportedly urged global authorities to cooperate and impose appropriate laws on the cryptocurrency industry.
Such rules could grant additional customer protection and prevent the usage of the asset class in illegal activities, he claimed.
‘Now is the Time’
According to Branson, the current supervision of the cryptocurrency sector is not strict enough to keep bad actors away. “Just let the industry grow as a playground for grownups” has been the wrong move, he suggested.
He believes all countries’ governments should join hands and form a comprehensive regulatory framework as soon as possible:
“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.”
Mark Branson, Source: Bloomberg
Branson has previously shown himself as an advocate of blockchain technology, saying it brings “waves of inno
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