EU Parliament Member Says Governments Don't Need Strict Regulations After FTX Collapse
The chief negotiator on the Markets in Crypto Assets (MiCA) file said that regulators should hold off until the new EU laws governing cryptocurrencies take effect.
MiCA’s regulations on crypto asset service providers would have lessened the effect of the crisis, according to several EU lawmakers and academics.
However, given that the crisis was caused by a more extensive network of interconnected financial institutions and since FTX does not have an EU headquarters, some MPs are less certain about how much MiCA could have resolved.
FTX left a huge void for the crypto industry after it collapsed, which is one of the biggest events to happen in recent years.
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