EU crypto framework under scrutiny by policymakers after FTX collapse

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Financial Times 2 mo ago

EU crypto framework under scrutiny by policymakers after FTX collapse - Financial Times

Quick Summary:

If [this subsidiary] even remotely behaved like its parent company, this raises major questions in relation to the quality of financial services supervision in Cyprus”.

The central bankers argued that bitcoin was “questionable” as a means of payment because of its “conceptual design and technological shortcomings” that rendered its transactions “cumbersome, slow and expensive”.

Mica has been viewed as a watershed moment for crypto regulation, as it represents an effort to impose EU-wide standards, rather than having competing national approaches.