Recent events have prompted other jurisdictions to re-evaluate their own public policies towards crypto. In the immediate aftermath of the FTX crash, some European policymakers wasted no time in commenting that the event would not have happened if Markets in Cryptoassets Regulation (or equivalents) had been implemented on a global scale. Stablecoin issuers will need to meet high standards, including in relation to safeguarding or reserve management, and new caps will prevent certain types of non-euro denominated stablecoins from reaching significant scale. Many market participants accustomed to operating in a regulatory vacuum (including individuals) will now need to take great care to ensure their words and actions do not fall foul of market abuse rules. Should other countries follow EU lead in regulation the crypto market ?

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