Eric Anziani, president of Crypto.com, asserts that executing the Markets in Crypto-Assets (MiCA) legislation may accelerate the expansion endeavors of major cryptocurrency exchanges throughout Europe.
Anziani, in an exclusive interview with Cointelegraph, described how the “fragmented” character of European regulations governing the industry and heightened regulatory scrutiny have made it difficult for exchanges to serve users across borders.
“We eagerly anticipate MiCA; Europe, in my opinion, is an excellent market that is extremely fragmented. “In order to maintain a competitive edge, one must adhere to significantly distinct frameworks in every market,” explains Anziani.
According to the chief operating officer of the organization, Crypto.com has successfully registered in several significant European markets, such as France, Italy, Spain, and the Netherlands.
This procedure offers a measure of perspective regarding the challenges that compliant exchanges encounter when attempting to expand their operations globally.
“It’s very costly for a business to do the right things currently in the market. MiCA will bring some harmonization and allow us to be more efficient while still affording a high bar on the compliance front.”
Sam Bankman-Fried’s FTX empire’s demise has contributed to the industry’s heightened scrutiny. Anziani elucidates that regulatory bodies worldwide have implemented modifications to the regulatory frameworks governing the sector, with particular emphasis on safeguarding customers’ interests and maintaining market integrity.
Another significant market in which Crypto.com operates is the United Kingdom. The Financial Conduct Authority (FCA) put forth more stringent regulations pertaining to businesses and services associated with cryptocurrencies in June 2022.
In accordance with many advertising and investor protection regulations, U.K.-based companies are required to establish a “cooling-off period” for initial investors.
In addition to prohibiting firms in the industry from offering “refer a friend” incentives, the FCA established explicit guidelines for disclosing the risks associated with cryptocurrency investments.
“While the United Kingdom is one of the markets that the regulator has altered, it is not the only one. “A few modifications were required of our offering; however, we acquiesced, maintained punctuality, and continued to provide our services in the market,” Anziani explained.
Anziani informs Cointelegraph that the number of consumers of Crypto.com is nearing one hundred million. The COO further states that since October 2023, the platform has experienced a surge in user activity, which has coincided with an increase in the value of Bitcoin and anticipation surrounding the United States’ approval of spot Bitcoin exchange-traded funds.
Anziani asserts that the organization maintains a substantial user base in “tier one” jurisdictions, including Asia, North America, Western Europe, and the United Kingdom.
