The CEO of a major cryptocurrency exchange, Bitstamp, says that his trading platform is seeing “massive crypto interest” from institutional clients. “Many institutional companies are looking to make their first move into crypto,” he explained.
Bitstamp’s CEO on Crypto Regulation, Institutional Interest
Bitstamp’s global CEO, Jean-Baptiste Graftieaux, shared his view on cryptocurrency regulation in an interview with Business2community, published Monday.
Discussing crypto winter, he explained that Bitstamp has “a very active licensing journey across all the regions – 10 in progress globally.”
The executive added that his crypto exchange will increase its regulatory footprint over the next couple of quarters in order to be “in a strong position to fully participate in the next bull run.” He shared, “We see a strong trend on the institutional side,” elaborating:
Many institutional companies are looking to make their first move into crypto – there is massive crypto interest from our institutional clients.
He then discussed crypto regulation in Europe. “What we are experiencing today is not very smart in Europe,” he opined.
For example, he said that any crypto service provider wishing to operate in Europe must register as a virtual assets service provider (VASP) with each country. Emphasizing that “Each country has its own requirements,” the Bitstamp boss noted:
MiCA will arrive in 18-24 months. This will change the game because everyone will have equal opportunities.
In September 2020, the European Commission introduced the Markets in Crypto-Assets proposal ( MiCA), to regulate crypto markets as part of their digital finance strategy. MiCA, as proposed by the European Central Bank (ECB), will provide a unified legal framework for crypto assets.
“There will be one country where you can establish your activities as MiCA-compliant and then passport the activities across the different European countries,” Graftieaux described.
The Bitstamp CEO detailed, “I think we are seeing a good trend from the regulatory standpoint and we are engaging with regulators on an ongoing basis,” concluding:
Many countries and regions are considering regulating cryptocurrency. There is a risk that the regulations will not be smart enough to ensure that everyone has equal access.
What do you think about the comments by Bitstamp’s CEO? Comment below.
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