The European Union has made significant progress in regulating crypto by approving its Markets in Crypto Assets (MiCA) framework. However, according to Rupert Schaefer, Executive Director of Strategy, Policy and Control at BaFin, the need for global regulation still remains. Schaefer compared regulators to air traffic control and “some crypto assets and decentralized finance projects” to unidentifiable flying objects. Schaefer acknowledged the progress in regulating crypto with MiCA adoption in the EU, the Financial Stability Board’s (FSB) and the International Association of Securities Commissions’ (IOSCO) sets of recommendations, as well as the Basel Committee’s new international supervisory standard for treatment of cryptoasset exposures. However, he reminded about the inconsistencies existing on a global scale, where there is still a place for exceptions from global regulatory push. Indian Prime Minister Narendra Modi recently expressed the same sentiment, pushing for global collaboration on formulating crypto regulations among G20 member states.Meanwhile in Germany, the crypto and blockchain sector became a leader among the fintech companies in investments, attracted during the first half of 2023. This shows the potential of the industry and the need for global regulations to ensure its growth.

This News Article was automatically generated by Bob the Bot (AI)

Information	Details
Geography	Europe
Countries	🇩🇪 🇮🇳
Sentiment	neutral
Relevance Score	9
People	Rupert Schaefer, Narendra Modi
Companies	International Association of Securities Commissions (IOSCO), Basel Committee, G20, BaFin, Financial Stability Board (FSB)
Currencies	None
Securities	None