Bitcoin Suisse Legal Chief Criticizes EU and Swiss Stablecoin Regulations
Peter Märkl, general counsel at Bitcoin Suisse, has raised concerns about stablecoin regulations in both the European Union and Switzerland. Speaking at German Blockchain Week, Märkl described the current frameworks as unclear and overly burdensome for the evolving crypto market.
Challenges in the EU’s MiCA Framework
While acknowledging the Markets in Crypto-Assets Regulation (MiCA) as a comprehensive framework, Märkl noted its dynamic classification system creates challenges. Recent enforcement actions in Germany suggest strict compliance requirements, particularly disadvantaging non-EU stablecoin issuers without MiCA licenses.
Issues With Switzerland’s DLT Act
Märkl criticized Switzerland’s DLT Act for imposing excessive Know Your Customer (KYC) requirements on issuers. While recognizing the Act’s legislative value, he argued the identity verification demands on individual holders create unnecessary industry hurdles.
Bitcoin Suisse’s Strategic Expansion
Bitcoin Suisse plans to expand using its existing Liechtenstein Crypto-Asset Service Provider registration to obtain a MiCA license. The firm has received preliminary approval from Abu Dhabi Global Market and is evaluating opportunities in the UK and US markets as regulations develop.
Call for Regulatory Improvements
Märkl emphasized the need for clearer, more adaptable regulations to support crypto innovation. As industry leaders navigate these frameworks, the demand for balanced regulations that foster rather than restrict growth continues to grow.
