The European Union should hold off on more crypto regulation following the collapse of exchange giant FTX, European Parliament member Stefan Berger said on Twitter. The lead negotiator on the Markets in Crypto Assets (MiCA) file added that regulators should wait until new EU laws about crypto come into force.

“The FTX disaster is the result of missing regulation,” MEP Berger originally tweeted in German, adding: “Governments should not excessively over-regulate now, but follow MiCA. With global MiCA rules, you would have internal control mechanisms, separation of customer assets/funds, proof of good management, white paper.”

(By Inbar Preiss)