The global cryptocurrency space has embarked on a progressive and ever-growing adoption and interest in virtual currencies. Cryptocurrencies and blockchain are the future of currencies and other denominations.
A high-profile crypto exchange platform, Bitstamp, has alleged that it has recorded tremendous interest in crypto on its medium. Despite the strict regulations on the crypto industry, the adoption rate and appeal have continued to surge.
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Massive Crypto Interest From Users – Bitstamp CEO
Bitstamp exchange Chief Executive Officer Jean-Baptiste Graftieaux made the increasing adoption and crypto interest known during an interview. The virtual asset exchange CEO stated that Bitstamp users have been moving and interested in exploring the crypto space, especially trading.
According to Jean-Baptiste, traditional finance users are migrating into cryptocurrency, making different moves to be adopted. During the interview with the Business2community platform, Jean-Baptiste stated that conventional finance companies might dominate virtual currency services providers.
The high migration of traditional financial institutions, banking, and digital payment solution providers into crypto has increased in the past few months. Bitstamp CEO stated that the migration may have possibly triggered crypto interest and adoption.
Speaking about the increasing regulatory framework and regulations from different countries, Jean-Baptiste revealed that the company is unaffected. He stated that the platform had secured operational approval in other countries and regions in which it operates under all listed regulations and frameworks.
“We have acquired ten operational approval in different regions globally; we will also work on stepping up our institution regulations to catalyze our expansion. Bitstamp’s global-driven mission will be achieved in the next few years”.
“Regulations In Europe, Not Smart” – CEO Jean-Baptiste
During the interview, the C.E.O spoke regarding the recently introduced Market in Crypto Assets regulation (MiCA) by the European commission. Jean-Baptiste regarded the legislation as a smart move for all European countries.
The European Union proposed the MiCA legislation to regulate and ban some cryptocurrencies in its member countries. The proposal aimed to deny stablecoins not denominated in any of the European Union member countries. United States Dollar Coin (USDC), Stablecoins like; Tether (USDT), and Binance US dollar (BUSD), all denominated in non-European currency, should be banned.
The proposal met with criticism, as crypto associations groups have warned the EU commission against such a move. There are speculations that the MiCA bill may have a devastating effect on the cryptocurrency markets if enacted.
Bitstamp’s CEO alleged that although the proposal needed debating and editing, it was a wise decision. He revealed that crypto institutions endure much stress to secure operational approval in European countries as each has its regulatory framework. The advent and adoption of MiCA in all European countries will be a game-changer for crypto institutions and companies.
“If MiCA is adopted by 2024, the EU commission will enhance crypto firms and institution operation. Once an institution abides with the MiCA regulation in a country, it can present its operational approval in the remaining member countries”.