Peter Märkl, general advice on the Swiss Crypto exchange bitcoin Suisse, said the European Union and Switzerland had no clarity on their stablecoin regulation frameworks.
Märkl told Cointelegraph on the edges of German Blockchain Week that “a lot to do” when it comes to classification and the policies that apply to stablecoins under the EU Crypto-Assets regulation markets (MICA) Outline.
He said Mica provides “a comprehensive, orderly framework of regulation” for the issuance of stablecoin, offer and care. However, “due to the rapid emerging nature of crypto assets and their cases of use, the classification remains dynamic and can, in some cases, move over time,” Märkl added.
He featured, among other things, that it puts players from outside the EU in a absence:
“Foreign stablecoin needs to seriously consider a license under MICA as recent German administration actions point to a strict implementation of the rules.”
Regarding Switzerland’s policies, Märkl said they were not friendly to those who gave. This is because the regulators place your customer’s (KYC) burden on the givers, which is important that the Stablecoin Issuer knows the identity of the individuals who hold, which he views as “unreasonable.”
Related: DWS’s Euro Stablecoin and Deutsche Bank gets approved regulations
Generally, Märkl said four years after the introduction of the DLT Act of Switzerland – which he identified as “a great legislative platform – there are still holes in the local regulatory framework. He highlighted the need to” put focus on the regulation of stablecoins “and provides” a set of policies that are comfortable for players.
He added, “We know that there is a legislative process to continue, but the outcome needs to be evaluated.”
Related: ‘Policy Procrastination’ leaves UK Trailing EU, US in Crypto Regulation: Experts
EU’s ambitions of Bitcoin Suisse
Märkl also said that Bitcoin Suisse will use five-year-old Liechtenstein Crypto-Asset Service Provider Registration to find a full Mika license:
“In terms of Bitcoin Suisse, we have run a Liechtenstein subsidiary for five years, which has been national registered under TV2 law. It is a registered Casp, and will be a natural choice to expand it to a MICA license.”
Middle East, UK and US also in crosshairs
Bitcoin Suisse also looks at international expansion beyond Europe. The company has received in-principle approval From the Abu Dhabi Global Market (ADGM) in May. Today, Märkl says that the CEO of firm Andrej Majcen, moved to Abu Dhabi one and a half years ago, and the company sees “a huge sequel” to the Middle East.
The company also explores opportunities in the United Kingdom and the United States, although final decisions depend on regulation development, Märkl said.
