Peter Märkl, the General Counsel of the Swiss cryptocurrency exchange Bitcoin Suisse, stated that there is still a lack of clarity in the regulatory frameworks for stablecoins in both the EU and Switzerland.
During an interview with Cointelegraph at the German Blockchain Week, Märkl mentioned that there is "still a lot of work to be done" regarding the classification and applicable rules for stablecoins under the EU's Markets in Crypto-Assets Regulation (MiCA) framework.
He noted that MiCA provides a "comprehensive and unified regulatory framework" for the issuance, provision, and custody of stablecoins. However, he added, "Due to the rapid development of crypto assets and their use cases, classification remains dynamic and may change over time in certain cases."
He particularly emphasized that this puts participants outside the EU at a disadvantage:
Regarding the rules in Switzerland, Märkl stated that they are unfriendly to issuers. This is because regulators impose the know-your-customer (KYC) burden on issuers, essentially requiring stablecoin issuers to know the identities of individual holders, which he considers "unreasonable."
Overall, Märkl indicated that four years after the introduction of Switzerland's Distributed Ledger Technology Act (DLT Act)—which he believes is "a great legislative platform"—the local regulatory framework still has gaps. He stressed the need to "focus on stablecoin regulation" and provide "a rule system that makes participants feel comfortable."
He added, "We know that the legislative process is ongoing, but the results need to be assessed."
Märkl also mentioned that Bitcoin Suisse will leverage its five-year history as a registered crypto asset service provider in Liechtenstein to apply for a full MiCA license:
Bitcoin Suisse is also seeking international expansion outside of Europe. The company received in-principle approval from the Abu Dhabi Global Market (ADGM) in May. Now, Märkl stated that the company's CEO, Andrej Majcen, moved to Abu Dhabi a year and a half ago, and the company finds the Middle East to have "huge appeal."
Märkl indicated that the company is also exploring opportunities in the UK and the US, although the final decision will depend on regulatory developments.
Related: Gate launches xStocks US stock trading section, leading the deep integration of crypto finance and global capital markets.
Original: “Bitcoin Suisse's Legal Chief Points Out Flaws in EU and Swiss Stablecoin Rules”
免责声明：本文章仅代表作者个人观点，不代表本平台的立场和观点。本文章仅供信息分享，不构成对任何人的任何投资建议。用户与作者之间的任何争议，与本平台无关。如网页中刊载的文章或图片涉及侵权，请提供相关的权利证明和身份证明发送邮件到support@aicoin.com，本平台相关工作人员将会进行核查。
