Peter Märkl, general advisor of Swiss Crypto Exchange Bitcoin Suisse, said the European Union and Switzerland lack clarity in their respective stable regulatory frameworks.
Märkl told Cointelegraph to the margin of the German Blockchain Week that “there is much to do” when it comes to the classification and the rules that apply to Stablecoins under the EU markets in the framework of the regulation of the Crypto-Asssets (Mica).
He said Mica provides “a comprehensive and harmonized regulatory framework” for the emission, offering and custody of Stablecoin. However, “due to the rapid evolution nature of crypto-active and their use cases, the classification remains dynamic and, in certain cases, can change time,” Märkl added.
He stressed, among other things, that he puts the players from outside the EU at a disadvantage:
“Stablecoin’s foreign issuers must seriously consider a Mica license since recent supervision actions in Germany point to a strict application of the rules.”
Regarding the rules of Switzerland, Märkl said they are hostile for the emitters. This is because regulators put the load of their client (KYC) on the Issuers, which essentially requires that the stablecoin issuer know the identity of individual holders, which he considers “unreasonable.”
Related: Euro Stablecoin by DWS and Deutsche Bank obtains a regulatory approach
Overall, Märkl Said That Four Years After Switzerland’s Dlt Act Introduction – Which is the Collection As “A Great Legislative Platform – There are Still Holes in the Local Regulatory Framework. of Station of Station of Station of Station of Station of Station of Station of Station of Station or Rulation or Riction of Station of Stations “and Redication of Station of Station of Station of Station of Station of Station of Station of Station from the station of the parking station or rules. Comfortable for players. “
Hi, he added: “We know that there is an ongoing legislative process, but the result must be evaluated.”
Related: ‘Politics procrastination’ leaves the EU at the end of the United Kingdom, USA in cryptographic regulation: experts
Bitcoin Suisse EU ambitions
Märkl also said that Bitcoin Suisse will take advantage of his five-year crypto-year-old Liechtenstein Assignment Services Provider to see a complete Mica license:
“In terms of Bitcoin Suisse, we have directed a subsidiary in Liechtenstein for five years, which is registered in Law TV2. It is a registered casp, and it would be a natural choice to extend this to a Mica license.”
Middle East, United Kingdom and USA
Bitcoin Suisse is also looking at international expansion beyond Europe. The company received an approach in the principles of the Global Market of Abu Dhabi (ADGM) in May. Now, Märkl said that the firm’s CEO, Andrej Majcen, moved to Abu Dhabi a year and a half ago, and that the company sees “a tremendous attraction” towards the Middle East.
The company is also exploring opportunities in the United Kingdom and the United States, Althehebe Final Decions will depend on regulatory developments, Märkl said.
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