Quant Founder and CEO, Gilbert Verdian, spoke to Rosemarie Miller at Forbes on how Europe is leading the race to develop regulatory frameworks for crypto and digital assets.
The Financial Stability Board is set to release plans on global crypto regulation that impact how the G20 countries will approach decentralised finance. These proposals are meant to include rules for digital currencies, stablecoins and companies that provide services to the new financial sector.
Whilst some markets within the G20 such as Europe, with its Markets in Crypto Assets (MiCA) proposal, have rules in place, the United States is still debating the regulations and relevant oversight bodies in Congress and risks falling behind.
Gilbert explains, “you’ve got forward-thinking jurisdictions like Europe and Switzerland, for example, who are very clear on different types of crypto assets… And now, recently, with the EU, you’ve got MiCA, where it’s really defining what a crypto asset means and what a crypto-asset service provider needs to do to access the market to serve and sell to consumers and to businesses. I think what it means for the U.S. is really to play catch up.”
On the importance of acting now, he says:
“We’re in the middle of the transformation of money. The financial system has the opportunity to evolve something that’s fit for purpose for the next 30 to 40 years. Having intelligence built into digital assets, into traditional assets, such as securities and also money, is transformational.”
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