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Cryptocurrency expands where trust is needed most: interview with Konstantin Vasilenko, Business Development Director at Paybis

The cryptocurrency industry has undoubtedly grown significantly over the past couple of years, but while this confirms its merits and potential, it also raises important questions. What's next? Where will the next high-growth regions for cryptocurrency adoption be? What is the next challenge we will face?

Parallels with traditional finance are already being drawn, but where is the fine line? Will cryptocurrency become a technological version of TradFi, or is it something much greater?

In this conversation, Konstantin Vasilenko, Business Development Director at Paybis, touches on some of the most interesting topics related to regulatory barriers, lessons learned, and future plans.

What do you think will be the next regions with high cryptocurrency adoption growth?

Countries in Central and South Asia, such as India, Vietnam, and the Philippines, are likely to drive the next phase of cryptocurrency adoption. They have a developed remittance market, active mobile and internet usage, and a young, tech-savvy population. African countries such as Nigeria and Kenya also have high potential due to high inflation and currency instability, making crypto assets, especially stablecoins, an ideal alternative to fiat currencies.

Dubai (UAE) is also one of the most favorable regions for cryptocurrency, which could attract significant attention to the Middle East. Dubai is becoming a leader in this sector due to favorable regulation, a high-tech environment, tax policies, and the participation of many well-known crypto companies. Dubai prioritizes the implementation of B2B and financial services, rather than just mass consumer adoption.

What regulatory or cultural barriers most hinder global expansion, and how can they be overcome?

Inconsistency in global regulation combined with deeply rooted distrust in financial services poses a serious obstacle to the mass adoption of cryptocurrencies. For example, the U.S. Securities and Exchange Commission (SEC) has created conditions for regulatory uncertainty for years with its unclear policies. However, it is important to note that the regulatory framework continues to evolve, which has become a challenge for many companies in the industry.

For example, the largest stablecoin, USDT from Tether, must obtain an EU e-money license, establish an EU-regulated company, and comply with specific MiCA requirements to enter the European market.

To address these challenges, we are focusing on implementing strict AML and KYC protocols, closely collaborating with our legal and compliance departments to ensure adherence to local regulatory requirements, and prioritizing financial education to overcome both regulatory and cultural barriers.

What lessons from the globalization of traditional finance can be applied to the development of the crypto business?

Cryptocurrency companies must prioritize licensing to manage regulatory issues and avoid potential shutdowns and audits. This step reflects the focus of traditional finance on compliance and regulation. Localization also plays a key role — just as banks adapt their services to various languages, laws, and customs, crypto companies need to do the same to build trust and promote in local markets.

And finally, equally important, the infrastructure must be much more scalable and interoperable to meet the demands of mass adoption. Similar to SWIFT in traditional finance, the crypto industry needs shared rails, such as entry/exit points and standardized storage protocols, to ensure seamless cross-border transactions and integration with existing financial systems.

How do you think stablecoins will evolve in 2025, and what role will Paybis play in their widespread adoption?

Stablecoins are transforming from a simple trading instrument into a core component of payment and remittance systems due to their wide applicability, stability, and efficiency. That is why we expect this asset class to gain widespread adoption.

At Paybis, we are developing solutions that will help companies seamlessly accept, store, and use stablecoins while avoiding complex regulatory requirements. Our tools are designed to allow companies from different industries to integrate digital assets into their operations without hassle.

How does Paybis balance security with user experience, especially regarding KYC and customer registration?

Our automated KYC process combines the highest level of security with ease of use, ensuring full compliance with AML requirements. We only request necessary documents, offer online support, and avoid extra steps. This allows us to register new users in less than 15 minutes and prevent fraud without irritating our regular customers.

We are exploring and utilizing artificial intelligence technologies to enhance privacy, efficiency, and compliance for our users.

Artificial intelligence also helps us detect fraudulent schemes and automate customer support — reducing additional costs and increasing user trust, making the platform faster, safer, and more transparent without encountering any regulatory issues.


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