BaFin Calls for Global Regulation to Crypto, all Finance Centers

• BaFin, the German crypto regulator, is calling for global regulation to apply to all financial centers without exceptions.
• Rupert Schaefer, Executive Director of Strategy, Policy, and Control at BaFin, emphasized the significance of unified global crypto industry regulation.
• Schaefer compared regulators to air traffic control and mentioned the FTX as an example of unidentified flying objects in the crypto industry.
• Progress has been made in crypto regulation with the adoption of MiCA in the EU, sets of recommendations from the Financial Stability Board and International Association of Securities Commissions, and the Basel Committee's new supervisory standard for crypto assets.
• However, global inconsistencies still exist, and exceptions to international regulatory efforts are possible.
• Indian Prime Minister Narendra Modi also expressed the need for global collaboration in formulating crypto regulations.
• The crypto and blockchain sector attracted the most investments among fintech companies in Germany and other European markets during the first half of 2023.

The article highlights the importance of global regulation in the crypto industry and points out the need for consistency and collaboration among financial centers. The sentiment is neutral to slightly positive.