In a special interview with Crypto.news, the Chief Executive of Bitstamp US shared his view of how the asbestos could pave the way for the same regulatory structure in the US
The Landmark regulation of the European Union for the rapid high-profile Crypto sector came into full force in late December 2024. Crypto-assets are known as the market-bus micah in regulation-a set of rules designed to regulate the crypto market in member states of the European Union. ,
For example, this requires crypto businesses, which to obtain licenses to operate throughout the European Union, establish rules for the safety of consumers, and it explains how to issue stabecoin. . Micah also brings requirements for capital, anti-mani laundering and transparency. In short: Crypto firms will now have to meet the same standards as traditional financial institutions.
Crypto Space is the idea of bringing more legal clarity and consumer protection, promoting innovation. However, there is some concern that the regulation brings more trouble than good. For reference, Tather’s Chief Executive Officer Paolo Erdoino had earlier also worried that Mica’s regulatory steps use Stabelines in the banking system and European blocks on “systemic risk” as the law now requires stabelcoin issuers in Europe. So that they keep at least 60% of their reserves in bank accounts in Europe.
Crypto.news Bitstamp sit with US CEO Bobby Zagota to discuss the implications of rules for the Crypto industry, how it will affect exchanges such as bitstamps, and whether regulation can push more retail investors towards decentralized finance platforms.
CN: Some stabechoin giants are worried that the asbestos brings more troublesome. Tether’s (USDT) and PayPal’s (Pyusd) will no longer be available to Bitstamp European customers. Don’t you think these limitations can push retail investors towards DEFI, where the regulator investigation is not as tight?
Bz: No, we welcome the asbestos and this clarity will bring it to the market. Bitstamp provides stablecoins in Europe that can transact with retail investors, which allow customers to transfer funds at quick and low cost. We also have USD Coin (USDC), Euro Coin (EURC) and EUR Coinvetible (EUR (EUR)Cv), to name some asbestos-mental stabelcoin.
Bitstamp provides retail investors with property from the longest, most reliable and regulated exchange in the world. Micah provides itself clarity for exchanges and investors, making the market running more efficiently and we will continue to work with Europe regulators.
CN: Do you expect America to follow Europe with an asbestos framework, or do you see the American market keeping a different view?
Bz: My hope is that the current US administration prioritize the subject to provide the US crypto market with the same, very essential, regulatory clarity as is holding in the European Union, it can work as an example. That how and why cryptocurrency businesses require regulatory framework effectively and efficiently.
There are signs and recent executive orders that indicate that the current administration will actually provide that clarity. I am optimistic for the future.
CN: Some people argue that Mica gives an advantage to banks and traditional financial institutions on Crypto-foreign firms. Do you think these rules level the playground or make it difficult for exchanges like Bitstamps?
Bz: Rising tide enhances all boats, Bitstamp has taken an active stand on compliance for years and has invested heavily, about 30% of our team compliance, regulation, legal, risk management, security and internal audit function – It was that all our operations and decisions align with regulatory standards.
Crypto space can contain many companies similar to bitstamps and still invest in compliance-glory perspectives.
We see the introduction of markets in the Crypto-assets rules as a positive step for the cryptocurrency market. These rules provide very essential clarity and establish a level sports ground for all participants in Crypto Space.
By ensuring that all institutions follow the same rules, the asbestos promotes more transparent and safe environment. This increased transparency and safety are expected to promote confidence and confidence between both institutions and individual users, which is important for the adoption and long -term development of the cryptocurrency market.
