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.

Investment banks ramp up peak rates forecasts after hawkish ECB

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