- The licensing process for Bitstamp is active across all the territories.
- As per ECB, MiCA will help create a unified legal framework for digital assets.
In an interview on Monday, the CEO of Bitstamp, Jean-Baptiste Graftieaux, discussed his thoughts on cryptocurrency regulation. He explained that Bitstamp has licensing journey across all the locations while talking about crypto winter.
The executive continued, saying that to be in a great position to fully participate in the next bull run, his cryptocurrency exchange would grow its regulatory footprint over the next couple of quarters. The CEO also discussed crypto regulation in Europe.
Jean-Baptiste Graftieaux, CEO of Bitstamp, Stated:
Many institutional companies are looking to make their first move into crypto – there is massive crypto interest from our institutional clients.
He clarified that a cryptocurrency service provider wishing to conduct business in Europe must register as a virtual asset service provider with each nation separately (VASP).
MiCA’s Contributions for Crypto Assets
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.
So with MiCA coming in 18 to 24 months, that will be a game-changer because there will be a level playing field.
He additionally included, There would be one country where activities can be established as MiCA-compliant and then be passported across the various European countries. Organismo Agenti e Mediatori (OAM), an Italian financial regulator, accepted the company’s registration application the previous month.