In an exclusive interview with Crypto.News, the CEO of BitStamp US shares his views on how MICA paves the way for a similar regulatory framework in the United States
The European Union’s groundbreaking regulations for the increasingly popular crypto sector gained full momentum in late December 2024. The crypto asset regulation market, known simply as MICA, is a set of rules designed to regulate crypto markets across EU member states. .
For example, it will require crypto companies to obtain licenses that operate across the EU, set rules to protect consumers, and show how Stablecoins should be issued. MICA also brings the requirements of capital, money laundering and transparency. In short, crypto companies now have to meet standards similar to those of traditional financial institutions.
The idea is to bring more legal clarity and consumer protection while encouraging innovation in the crypto space. However, some people worry that regulations will bring more trouble than good. For context, Tether CEO Paolo Aldoino previously said that MICA’s regulatory moves would use the banking system and stable use in European blocks at “systematic risk.” I was worried about that. With a European-based bank account.
Crypto.News sat down with BitStamp US CEO Bobby Zagotta to see the impact of regulations in the crypto industry, how it will affect exchanges of Bitstamp and more, and regulations will diversify more retail investors We discussed whether it could be pushed up to the financial platform.
CN: Some Stablecoin giants are worried that Mica will bring more trouble than good. Tether (USDT) and PayPal (PYUSD) will no longer be available to European clients of BitStamp. Don’t you think these restrictions will push retail investors up to Defi?
BZ: No, we welcome MICA and the clarity it brings to the market. BitStamp offers European stubcoins that retail investors can trade, allowing customers to move their funds quickly and at a low cost. Also, USD Coin (USDC), Eurocoin (Eurc), Eur Coinvertible (EUR)cv), list some mica-compliant stub coins.
BitStamp offers retail investors assets from the world’s longest, most trusted and regulated exchanges. MICA will clarify the exchanges and investors themselves, operate the market more efficiently, and continue to work actively with European regulators.
CN: Do you expect the US to follow Europe in a framework like mica, or do you think the US market is taking a different approach?
BZ: My hope is that the current US administration will serve the same much-needed, regulatory clarity as it is entrenched in the EU MICA, as an example of how cryptocurrency businesses need a regulatory framework. This topic is prioritized so that it can be done. To operate efficiently and efficiently.
There are signs and recent executive orders that show that the current administration actually provides that clarity. I am optimistic about the future.
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CN: Some people argue that MICA offers better benefits to banks and traditional financial institutions than cryptographic native companies. Do you think these regulations will level the arena or make interactions like BitStamp difficult?
BZ: While the rising trend is cultivating all boats, Bitstamp has been a proactive approach to compliance for many years, with almost 30% of its teams complying, regulatory, legal, risk management, security, and internal auditing It is performing the function. Operations and decisions are consistent with regulatory standards.
Many companies similar to BitStamp in Crypto Space can invest in a compliant approach.
As a positive step in the cryptocurrency market, we see the introduction of markets in cryptocurrency regulations. These regulations provide much needed clarity and establish an equal playing field for all participants in the crypto field.
By ensuring that all entities adhere to the same rules, MICA promotes a more transparent and safe environment. This increased transparency and security is expected to promote trust and trust both institutional and individual users. This is essential for the adoption of the cryptocurrency market and long-term growth.
read more: BitStamp protects MIFID MTF licenses from European regulators
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