European Commission On FTX Crash & Crypto Rules

November 30, 2022

European Commission Officials commented on the FTX debacle saying it could have not happened under the upcoming  EU rule.

European Commission official said that “questionable practices” at the FTX would not have been allowed under European Union’s new rules.

The European Union is agreeing to the new Cryptoasset Rules (MiCA), which are expected to come into force in 2024.

Deputy director general of the Commission's financial services unit, stressed on the urgency to finalize the approval of MiCA in a final vote in the European Parliament.

Deputy Commissioner also mentioned that these failures are very serious but they don’t see it as a failure of blockchain or crypto assets.

Furthermore, when asked about MiCA 2, she said the priority is the speedy approval of the original rules.

Earlier FTX was granted a license to operate in the EU by the Cyprus Securities Regulator.