With MiCA, there have been interesting conversations around how that will level the playing field across Europe. Will the banks feel more comfortable servicing European crypto companies in the future as a result of MiCA? That seems likely. Claire Barratt
regulations in Europe, will see further partnerships evolving. “In Europe, the regulatory expectations from banking partners remain very high but the regulation is now supporting that. Banks want to know we prioritise robust processes and procedures because they only want to work with players who are robust in the industry. “When we decided to choose France as our European regulatory domicile, there were questions about it being a challenging environment, but for us it showed our intention and demonstrated our credibility. People want to work with those in the industry with the highest regulatory standards.”
Supporting stablecoins One theme proving to be a major talking point for traditional institutions is the future of stablecoin regulation. With banks increasingly eyeing stablecoin solutions, Barratt says BCB is keen to ensure it has the right regulatory licences to serve institutions at a global level. “BCB remains coin agnostic and we meet market demand where our customers need it. Within Europe, people are keen on stablecoin adoption but MiCA may end up pushing USDT out. The regulatory difference is still quite stark.” Tim Renew, Deputy Chief Executive of BCB Group, agrees, and has been among those industry leaders calling
for a more collaborative approach between global policymakers when drawing up new regulations. “MiCA set a precedent for the world, in terms of regulation, but what we have had to work on to be MiCA compliant is very different to what is required for compliance with regulatory regimes in North America, Singapore or the Middle East,” he says. “There is still a lack of standardisation from a regulatory perspective, globally. In banking, you have a more joined up approach to policymaking, with regulations such as the Basel Agreement. We need some of that in crypto.” Renew says that he appreciates that one of the founding principles of crypto was to ensure no one entity controlled →
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