A significant cryptocurrency exchange's CEO, Bitstamp, claims that institutional clients are showing "huge crypto interest" on his trading platform. According to him, "many institutional organizations are looking to enter the cryptocurrency market for the first time."
The CEO of Bitstamp on Institutional Interest and Crypto Regulation
Jean-Baptiste Graftieaux, the CEO of Bitstamp worldwide, discussed his thoughts on cryptocurrency regulation in an interview with Business2community that was released on Monday.
In response to a question about "crypto winter," he said Bitstamp has "a very active licensing journey across all the regions, with 10 in progress globally."
The executive continued, saying that in order to be "in a great position to fully participate in the next bull run," his cryptocurrency exchange will expand its regulatory footprint over the coming quarters. We observe a strong tendency on the institutional side, he said, going on to explain:
"Our institutional clients have a tremendous amount of interest in cryptocurrency, and many organizations are wanting to enter the space for the first time."
The CEO then talked about European cryptocurrency regulation. He said, "What we are seeing in Europe right now is not very sensible."
He gave the following as an illustration: A crypto service provider wishing to conduct business in Europe must register as a virtual asset service provider with each nation separately (VASP). The Bitstamp CEO emphasized that "Each country has its own needs"
Therefore, when MiCA is implemented in 18 to 24 months, the playing field will be level, which will change everything.
As part of its digital finance plan, the European Commission proposed Markets in Crypto-Assets (MiCA) in September 2020 to regulate the cryptocurrency market. The European Central Bank (ECB) anticipates that MiCA will contribute to the establishment of a uniform legal framework for digital assets.
According to Graftieaux, there will be one nation where you may establish your activities as MiCA-compliant and then passport the activities across the various European nations.
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:
"Most regions and countries are looking into regulating crypto. The key risk here is around ensuring regulations are smart and they foster a level playing field."
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