Peter Märkl, Advocate General of Swiss Crypto Exchange Bitcoin Switzerland, said that the European Union and Switzerland were not clarity in their respective regulatory frameworks.
Märkl told Cointelegraph on the sidelines of German Blockchain week there was a lot to do “with regard to classification and the rules applying to the stabbed as part of the EU markets as part of the Crypto-Sets (Mica) Regulations (Mica).
He said the Mica provides “a complete and harmonized regulatory framework” for the issue, the offer and the stable guard. However, “due to the rapidly evolving nature of cryptocurrencies and their use cases, classification remains dynamic and can, in some cases, move over time,” added Märkl.
He pointed out, among other things, that he puts players outside the EU in a disadvantage:
“Foreign issuers to extinguish must seriously consider a license under mica as recent supervision actions in Germany indicate a strict application of the rules.”
Regarding the rules of Switzerland, Märkl said they were hostile to issuers. Indeed, the regulators have put your customer’s burden (KYC) in the event, essentially obliging the stablecoin issuer to know the identity of individual holders, which he considers “unreasonable”.
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Overall, Märkl said that four years after the introduction of Switzerland DLT Act – which he recognized as “a large legislative platform – there are still holes in the local regulatory framework.
He added: “We know that there is an ongoing legislative process, but the result must be assessed.”
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Swiss Bitcoin EU ambitions
Märkl has also said that Bitcoin Switzerland will take advantage of the Crypto-Asset Service Service of five years of five years to request a complete Mica license:
“In terms of Swiss bitcoin, we run a subsidiary in Liechtenstein for five years, which is registered on a national scale under the TV2 law. It is a recorded Casp, and it would be a natural choice to extend this to a Mica license. ”
Middle East, United Kingdom and United States also in the reticle
Bitcoin Switzerland also envisages international expansion beyond Europe. The company received approval from the world’s world market in Abu Dhabi (ADGM) in May. Now Märkl has said that the CEO of the company, Andrej Majcen, has moved to Abu Dhabi a and a half ago, and that the company sees “a formidable attraction” towards the Middle East.
The company also explores opportunities in the United Kingdom and the United States, although final decisions depend on regulatory developments, said Märkl.
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