The shortcomings of stablecoin regulation in the European Union and Switzerland remain a relevant topic of discussion. Peter Märkl, general counsel of Swiss crypto exchange Bitcoin Suisse, shared his observations.
EU Stablecoin Regulation
Peter Märkl noted that the European Union still lacks clarity in its regulatory approaches to stablecoins. He stated that 'there's a lot to be done' regarding the classification and rules pertaining to stablecoins under the Markets in Crypto-Assets Regulation (MiCA). According to Märkl, MiCA offers 'a comprehensive, harmonized regulatory framework' for the issuance, offering, and custody of stablecoins.
Challenges of Swiss Regulation
Regarding Switzerland's rules, Märkl pointed out that they are 'unfriendly to issuers' as regulators impose the Know Your Customer (KYC) burden on the issuers, requiring them to know the identity of individual holders, which he considers 'unreasonable'. He highlighted that four years after the introduction of the DLT Act in Switzerland, 'there are still holes in the local regulatory framework.'
Bitcoin Suisse's International Expansion Plans
Bitcoin Suisse is also eyeing expansion beyond Europe. Märkl mentioned that the company received in-principle approval from Abu Dhabi and is exploring opportunities in the UK and the US. 'We see a tremendous attraction' towards the Middle East, he said.
Thus, Peter Märkl emphasizes the need for an improved regulatory environment for stablecoins in the EU and Switzerland, as well as Bitcoin Suisse's ambitions for international expansion.
