11/30/2022, 12:11 PM (Source: TeleTrader)
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EU prepares crypto rules in wake of FTX scandal

The European Commission is working on new rules on crypto markets that would never have allowed for the FTX scandal to unfold, a senior European Commission official said on Wednesday. The new European Union rules being prepared would have flagged "questionable practices" at now-bankrupt FTX, the official added.

Major crypto companies FTX and BlockFi filed for bankruptcy this month, amidst accusations of fraud and consumer protection violations and another selloff of the cryptocurrency market.

Speaking on Wednesday, the deputy director general at the Commission's financial services unit, Alexandra Jour-Schroeder, said it was a matter of urgency for the Markets in Crypto-Assets Regulation (MiCA) to approve the new rules expected to come into effect in 2024, with the final vote down to the European Parliament.

Baha Breaking News (BBN) / KB