The crash in bitcoin led to a ‘crypto winter,’ which saw the collapse of crypto exchange FTX, and earlier this week cryptocurrency lender BlockFi filed for bankruptcy protection
The European Union has reached agreement on groundbreaking markets in cryptoassets rules for licensing and supervision, expected to come into effect in 2024 and putting the bloc at the forefront of regulating a sector which has shrunk dramatically.
“All these failures are very serious. We don’t see them as failures of blockchain or crypto assets per se,” Jour-Schroeder told a European Parliament hearing. Jour-Schroeder cautioned against reopening negotiations on MiCA, saying the priority is to quickly approve the original rules which provide important protections to investors and the financial system.
FTX had a license to operate in the EU from the Cyprus securities regulator for traditional securities but not cryptoassets, which was suspended when the company’s problems began to unfold.
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