EU ‘Understands the Benefits of Having One Crypto Market’, Says Blocktrade CEO Christian Niedermüller
The EU's comprehensive work on regulating the industry will provide numerous benefits to crypto companies and their customers, argued Christian Niedermüller, CEO of the fully regulated crypto platform Blocktrade, in an interview with Cryptonews.
However, it will also create certain difficulties that are bound to affect crypto firms - specifically, in terms of costs of compliance and reporting.
That said, the advances in regulating the industry made by the EU are drawing more companies to the area, especially from regions with notoriously unclear regulatory approaches, such as the USA.
Finally, Niedermüller explained how gamification helps crypto companies grow, Blocktrade included.
Let's dive in.
While the clarity of EU regulations will bring more companies to the region and more trust among customers, it will also raise challenges for many crypto providers in terms of costs, Niedermüller said.
Recently, the EU lawmakers approved the much-anticipated, comprehensive framework for crypto, Markets in Crypto-Assets (MiCA).
The biggest benefit of MiCA is that companies will need to obtain one license for the EU, Niedermüller told Cryptonews.com.
While the rules are now scattered and unclear, the European Union seems to have understood the “benefits of having one financial crypto market.”
The latest we should expect it to be enforced is January 1, 2025.
But Niedermüller also expects to see front-running from some jurisdictions and players in terms of fulfilling the requirements. For example, Estonian regulators, he said, have implemented many of them already.
He noted that,
“With tighter regulations, we will see more trust from people.”
Not only will the rules be clearer for the companies, but the users as well.
While there are many
Read more on cryptonews.com
