The general counsel at Bitcoin Suisse, Peter Märkl, blasted Swiss and EU stablecoin laws as being onerous and insufficient.
According to Peter Märkl, general counsel at the Swiss cryptocurrency exchange Bitcoin Suisse, the stablecoin regulatory frameworks in the European Union and Switzerland are unclear.
On the fringes of German Blockchain Week, Märkl said that “there’s a lot to be done” regarding stablecoin classification and regulations under the EU’s Markets in Crypto-Assets Regulation (MiCA) framework.
“A comprehensive, harmonized regulatory framework” for stablecoin creation, offering, and custody is what MiCA offers, he said. However, Märkl noted that “classification remains dynamic and can, in certain cases, shift over time due to the rapidly evolving nature of crypto-assets and their use cases.”
Among other things, he emphasized that it disadvantages players from outside the EU:
“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.”
Märkl claimed that the regulations in Switzerland are not conducive to issuers. This is due to the authorities’ “unreasonable” need for stablecoin issuers to know the identities of individual holders, known as the Know Your Customer (KYC) burden.
Overall, Märkl stated that the local legal environment still has gaps four years after Switzerland’s DLT Act was introduced, which he acknowledged as “a great legislative platform.” He emphasized the necessity of providing “a set of rules that is comfortable for the players” and “putting a focus on the regulation of stablecoins.”
“We are aware that a legislative process is in progress, but it is necessary to evaluate the outcome,” he continued.
“We are aware that a legislative process is in progress, but it is necessary to evaluate the outcome,” he continued.
The EU aspirations of Bitcoin Suisse
Additionally, Märkl stated that Bitcoin Suisse will pursue a complete MiCA license by utilizing its five-year-old Liechtenstein Crypto-Asset Service Provider registration:
“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.”
The US, UK, and Middle East are also under attack.
Beyond Europe, Bitcoin Suisse is also considering worldwide development. The Abu Dhabi Global Market (ADGM) granted the company in-principle clearance in May. According to Märkl, the company sees “a tremendous attraction” toward the Middle East, and its CEO, Andrej Majcen, moved to Abu Dhabi a year and a half ago.
According to Märkl, the business is also looking into potential in the US and the UK, but final choices will be based on regulatory changes.
