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• Governor of Central Bank of France called crypto meltdown a ‘wake-up call’
• Villeroy said crypto regulations needed urgently
Regulations around cryptocurrencies and digital assets are likely to be discussed at a meeting of Group of Seven finance chiefs this week in Germany, Francois Villeroy de Galhau, the Governor of France’s central bank, said on Tuesday.
“What happened in the recent past is a wake-up call for the urgent need for global regulation,” Villeroy said at a conference regarding emerging markets in Paris, referring to the recent turbulence in crypto-asset markets.
“Europe paved the way with MICA (regulatory framework for crypto-assets), we will probably ... discuss these issues among many others at the G7 meeting in Germany this week,” he added.
US Securities and Exchange Commission Chair Gary Gensler also warned investors on Monday, saying that people need more protection in “the highly speculative” crypto-asset market, or they could lose trust.
“We have this basic bargain: You, the investing public, can make your choices about the risk you take, but there is supposed to be full and fair disclosure, and people are not supposed to lie to you,” Gensler said at the Financial Industry Regulatory Authority’s (FINRA) annual conference in Washington.
Picture Credit: FT
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