European Commission On FTX Crash & Crypto Rules

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

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

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

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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.

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

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

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

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