Mark Branson urged global regulators to create common rules for crypto control

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President of the German Federal Financial Supervisory Authority (BaFin) called on officials from around the world to join forces to develop laws to regulate crypto assets.

According to Mark Branson, the archuniform regulatory rules could provide additional protection for investors and prevent the illegal use of digital assets. The head of BaFin believes that currently the supervision of the cryptocurrency sector is not strictly enough, and people are poorly protected from attackers. Therefore, Branson is convinced that inaction by the authorities will be the wrong step, and the industry will turn into a “playground for adults.”

"Now is the time for seriousregulation of cryptocurrencies. But European laws alone are not enough for this. This requires a universal solution, so regulators in all countries need to work together,” Branson said.

Several years ago, as a leaderSwiss Financial Market Supervisory Authority (FINMA), Branson has recognized the enormous potential of blockchain technology. However, now the official believes that innovations attract scammers and people who like to profit at the expense of others. Therefore, he recommends that investors treat cryptocurrency projects with caution and carefully assess the risks of losing funds. At the moment, cryptocurrencies do not pose a threat to the international monetary system, but everything could change if legislators do not take the necessary measures in time, Mark Branson is sure.

According to a March study conducted by the KuCoin exchange, 44% of German residents are willing to invest in cryptocurrencies, while 37% of Germans have been actively trading digital assets for more than a year.