Europe regulator warns of ‘cautionary lesson’ from crypto crash

Global crypto market has fallen by more than 70 per cent in the past year. European Securities and Markets Authority chair Verena Ross said there was no prospect of a European bailout for out-of-pocket investors because warnings about the dangers had been so widespread. Ross said she was worried about the implications for small investors. ESMA is preparing to assume licensing responsibility for Europe’s largest crypto asset services providers under a landmark deal agreed in Brussels last month. The deal comes into force from mid-2023 and has an 18 month implementation period. Ross: "There is a real question about whether many of these [crypto assets] will survive. I hope that some of these investors will see this and will take a cautionary lesson" Source