Bitcoin Suisse Legal Chief Highlights Flaws in EU and Swiss Stablecoin Regulation

According to a report by Cointelegraph cited by Jinse Finance, Peter Märkl, Chief Legal Officer of Bitcoin Suisse, has criticized both the EU and Swiss regulatory frameworks for stablecoins as being inadequate. Märkl stated that while the EU’s Markets in Crypto-Assets Regulation (MiCA) provides a “comprehensive and unified regulatory framework” for stablecoins, there is still “a lot of work to be done” regarding stablecoin classification and applicable rules, and that the framework is unfavorable to participants outside the EU. Regarding Swiss regulation, Märkl believes it is unfriendly to issuers, as regulators impose Know Your Customer (KYC) responsibilities on issuers, requiring stablecoin issuers to identify holders—an obligation he deems “unreasonable.” He called for “attention to stablecoin regulation” and the provision of a “market participant-friendly regulatory system.” In addition, Märkl revealed that Bitcoin Suisse plans to leverage its crypto asset service provider registration in Liechtenstein to apply for a full MiCA license, and is also exploring expansion into the Middle East, the UK, and the US markets.