Peter Märkl, general counsel at Swiss crypto exchange Bitcoin Suisse, said the European Union and Switzerland lack clarity in their respective stablecoin regulatory frameworks.
Märkl told Cointelegraph on the sidelines of the German Blockchain Week that “there’s a lot to be done” when it comes to the classification and the rules applying to stablecoins under the EU’s Markets in Crypto-Assets Regulation (MiCA) framework.
He said MiCA provides “a comprehensive, harmonized regulatory framework” for stablecoin issuance, offering and custody. However, “due to the rapidly evolving nature of crypto-assets and their use cases, classification remains dynamic and can, in certain cases, shift over time,” Märkl added.
He highlighted, among other things, that it puts players from outside the EU at a disadvantage:
“Foreign stablecoin issuers need to seriously consider a license under MiCA as recent supervisory actions in Germany point to a strict enforcement of the rules.”
Concerning Switzerland’s rules, Märkl said they are unfriendly to issuers. This is because the regulators put the Know Your Customer (KYC) burden on the issuers, essentially requiring the stablecoin issuer to know the identity of individual holders, which he views as “unreasonable.”
Related: Euro stablecoin by DWS and Deutsche Bank gets regulatory approval
Overall, Märkl said that four years after Switzerland’s DLT Act introduction — which he recognized as “a great legislative platform — there are still holes in the local regulatory framework. He highlighted the need to “put a focus on the regulation of stablecoins” and provide “a set of rules that is comfortable for the players.”
He added, “We know that there is a legislative process ongoing, but the outcome needs to be assessed.”
Related: ‘Policy procrastination’ leaves UK trailing EU, US in crypto regulation: Experts
Bitcoin Suisse’s EU ambitions
Märkl also said Bitcoin Suisse will leverage its five-year-old Liechtenstein Crypto-Asset Service Provider registration to seek a full MiCA license:
“In terms of Bitcoin Suisse, we have run a subsidiary in Liechtenstein for five years, which is nationally registered under the TV2 law. It’s a registered CASP, and it would be a natural choice to extend this to a MiCA license.”
Middle East, UK and US also in the crosshairs
Bitcoin Suisse is also eyeing international expansion beyond Europe. The company received in-principle approval from the Abu Dhabi Global Market (ADGM) back in May. Now, Märkl said that the firm’s CEO, Andrej Majcen, relocated to Abu Dhabi one and a half years ago, and that the company sees “a tremendous attraction” toward the Middle East.
The company is also exploring opportunities in the United Kingdom and the United States, although final decisions will depend on regulatory developments, Märkl said.
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