“Stablecoin framework needs improvement in Europe, a lot of players had to leave the European market,” said Eric Anziani, President and Chief Operating Officer (COO) at Crypto.com, hinting at Tether’s troubles in Europe. “If you look at the framework, the points where we see areas of improvement is around stablecoin. A lot of the players had to leave the European market, which reduces the competition, and it’s not great for consumers because of the heavy requirements to put money in uninsured deposits in banks.”
Paris Blockchain Week 2025, from 8 to 10 April, saw industry leaders voice their opinions on regulatory frameworks worldwide and the scope for improvement in the space, specifically in Europe and the US. Anziani said, “Europe tends to regulate first and then bring the business.”
“There are areas where we can work with the regulators, with ESMA, to improve the framework,” he added.
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“MiCA Has Been Relatively Positive,” Says Eric Anziani
“MiCA has been relatively positive, especially for players that want regional scale,” said Anziani. “It was very hard to operate in Europe. You had to go register in each country one by one, and each of them had specific requirements for onboarding, KYC, and consumer protection. It was a nightmare and extremely expensive to operate.”
“Now, we have one framework, and we were the first to get it (MiCA approval) and implement it across the European Union,” he added.
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“Over the last three years, the industry in the US has suffered”
Talking about Donald Trump’s administration, he said, “It is fascinating to see how fast the new administration put the promises that they had made to the industry in place, with executive orders, with new legislation coming on stablecoin, on market infrastructure.”
However, he pointed out that over the last three years, the industry in the US has suffered. “They were choked, they were unfairly enforced. It was harsh. It was really harsh,” said Anziani. “And everybody else outside of the US was watching this and was very cautious about the space. It was hard to make big moves for countries around the world if the US is not supportive and actually going against the industry.”
“Since November, I think things have shifted dramatically,” he added. “I mean, this is an administration that is pro-business and pro-crypto and is really supporting the industry. So, for us, it’s massive change, and not only for the US but also for the world.”
Eric Anziani, https://t.co/GuuXE3NYGZ COO & President, shared insights on CNBC about the evolving U.S. crypto regulations. @ericnode @cryptocom pic.twitter.com/EHDfdNRZip
— Kaan (@KaanCronos) February 20, 2025
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On The Positive Side – Significant New Flows Coming From Institutions Since January 2024
“There is a saying in our industry – institutions are coming,” Anziani joked. “But they were not there. There were so many barriers for them to come in. And I think this cycle is their entry. There are significant new flows coming from institutions that have started since January 2024.”
“I think the launch of the ETF, Bitcoin ETF in the US was really the beginning,” he added. “Now we’re seeing so much flow, also so many new products being launched. And those are coming from large TradFi players, whether they’re asset managers, soon banks, Fintech as well.”
“New flows are rare in our industry,” Anziani insisted, “and this one is quite large.”
“So it’s very important for us to participate.”
Talking about Crypto.com’s objectives, he said, “we’ve been clear that we want to support the ETF industry. The two main places where we can bring value is custody of assets and liquidity. Today we have the deepest liquidity on Bitcoin and Ethereum.”
“We’ve been working with many different ETF issuers, and in the next few months a lot of announcements may come (regarding ETF issuers),” said Crypto.com President.
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