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According to Cointelegraph, Peter Märkl, general counsel at Swiss crypto exchange Bitcoin Suisse, has expressed concerns over the lack of clarity in stablecoin regulatory frameworks within the European Union and Switzerland. Speaking at the German Blockchain Week, Märkl emphasized the need for further development in the classification and rules governing stablecoins under the EU's Markets in Crypto-Assets Regulation (MiCA) framework. While MiCA offers a comprehensive and harmonized regulatory framework for stablecoin issuance, offering, and custody, Märkl noted that the dynamic nature of crypto-assets and their evolving use cases can lead to shifts in classification over time. This situation places foreign stablecoin issuers at a disadvantage, as they must consider obtaining a license under MiCA due to strict enforcement of rules, particularly in Germany.

Märkl also highlighted challenges within Switzerland's regulatory environment, describing it as unfriendly to issuers. Swiss regulations impose the Know Your Customer (KYC) burden on stablecoin issuers, requiring them to identify individual holders, which Märkl views as unreasonable. Despite the introduction of Switzerland's DLT Act four years ago, Märkl pointed out existing gaps in the local regulatory framework, stressing the importance of focusing on stablecoin regulation and establishing rules that are favorable to industry players. He acknowledged ongoing legislative processes but emphasized the need for careful assessment of their outcomes.

Bitcoin Suisse is actively pursuing its ambitions within the EU, leveraging its five-year-old Liechtenstein Crypto-Asset Service Provider registration to seek a full MiCA license. Märkl explained that Bitcoin Suisse has operated a subsidiary in Liechtenstein for five years, registered under the TV2 law as a CASP, making it a natural choice to extend this registration to a MiCA license. Beyond Europe, Bitcoin Suisse is exploring international expansion opportunities, having received in-principle approval from the Abu Dhabi Global Market (ADGM) in May. Märkl noted that the firm's CEO, Andrej Majcen, relocated to Abu Dhabi one and a half years ago, highlighting the region's significant attraction for the company. Additionally, Bitcoin Suisse is considering opportunities in the United Kingdom and the United States, with final decisions contingent on regulatory developments in these regions.