Peter Märkl, general counsel at Swiss crypto exchange Bitcoin Suisse, has voiced concerns regarding the regulatory frameworks for stablecoins in both the European Union (EU) and Switzerland, highlighting a “lack of clarity.”
Märkl, speaking at the German Blockchain Week, commented that the EU’s Markets in Crypto-Assets (MiCA) Regulation provides a comprehensive framework for stablecoin issuance, offering and custody, but acknowledges that classification can shift over time due to the crypto sector’s rapid evolution.
He stressed that MiCA’s strict requirements, particularly the need for licenses for foreign stablecoin issuers, put international players at a disadvantage, citing recent supervisory actions in Germany as an example of potential strict enforcement.
“Foreign stablecoin issuers need to seriously consider a license under MiCA as recent supervisory actions in Germany point to a strict enforcement of the rules.”
Märkl described Switzerland’s regulatory approach to stablecoins as “unreasonable,” primarily due to regulations requiring Know Your Customer (KYC) details from the stablecoin issuers themselves.
Overall, Märkl noted that despite Switzerland’s DLT Act being in place for four years, significant gaps remain regarding stablecoin regulation, advocating for a dedicated focus and regulatory comfort for market participants.
Bitcoin Suisse’s EU Ambitions
The exchange outlined its strategy: Leveraging its existing five-year Liechtenstein Crypto-Asset Service Provider (CASP) registration, Bitcoin Suisse plans a full MiCA license application.
“It’s a registered CASP, and it would be a natural choice to extend this to a MiCA license.”
International Expansion Plans
Bitcoin Suisse is actively exploring international expansion beyond Europe. The company previously received an in-principle approval from the Abu Dhabi Global Market (ADGM), with its CEO relocating to the UAE around 1.5 years ago, recognizing the region’s “tremendous attraction.”
The firm is also assessing opportunities in the United Kingdom and the United States, contingent on relevant regulatory developments.
