March 27, 2024
Latest Cryptocurrency News

Crypto.com Optimistic on MiCA Impact for European Expansion

In an exclusive interview with Cointelegraph, Crypto.com’s President and Chief Operating Officer, Eric Anziani, expressed optimism about the potential impact of the upcoming Markets in Crypto-Assets (MiCA) legislation on the cryptocurrency industry in Europe. Anziani believes that MiCA could streamline regulatory processes, providing a more conducive environment for major exchanges to expand across the continent.

Europe’s cryptocurrency market, while promising, has been challenging due to the fragmented nature of regulatory frameworks in different countries. Anziani stated, “If you want to play by the rules, you must comply with very different frameworks in each market.” He highlighted the company’s efforts in registering in key European markets such as France, Italy, Spain, and the Netherlands. Anziani emphasized the considerable costs and complexities associated with meeting diverse compliance requirements, indicating MiCA’s potential to harmonize regulations and enhance efficiency for compliant exchanges.

The collapse of FTX, led by Sam Bankman-Fried, has intensified regulatory scrutiny globally, prompting adjustments to frameworks with a focus on customer protection and market integrity. In the United Kingdom, where Crypto.com has a significant presence, the Financial Conduct Authority (FCA) implemented stricter rules in June 2022. These rules include a “cooling-off period” for first-time investors and prohibitions on “refer a friend” bonuses, emphasizing the disclosure of associated risks.

Anziani acknowledged the regulatory changes in the U.K. but emphasized the company’s ability to adapt and comply, ensuring the continued provision of services in the market. He revealed that Crypto.com’s customer base is nearing 100 million users, with a notable increase since October 2023, coinciding with the surge in Bitcoin value and anticipation surrounding the approval of spot Bitcoin exchange-traded funds in the United States.

Despite regulatory challenges, Crypto.com maintains a strong presence in “tier one” jurisdictions, including North America, Western Europe, the U.K., and Asia. Anziani expressed confidence in the company’s ability to navigate evolving regulatory landscapes and reiterated the importance of MiCA in fostering a more efficient and compliant environment for cryptocurrency exchanges in Europe.

Image by Freepik

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