Crypto assets need to be regulated at a global level, ECB’s De Guindos says

MADRID: European Central Bank Vice-President Luis de Guindos said on Monday that crypto assets need to be regulated at a global level to avoid loopholes in the financial system.

“Regulation is necessary but it is necessary at a global level,” De Guindos said at an event in Madrid.

On November 11, crypto exchange FTX filed for bankruptcy, leaving an estimated 1 million customers and other investors facing total losses in the billions of dollars.

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The collapse reverberated across the crypto world and sent bitcoin and other digital assets plummeting.