Bitcoin Suisse Chief Legal Officer Points Out Flaws in EU and Swiss Stablecoin Rules

PANews reported on July 3rd that according to Cointelegraph, Peter Märkl, chief legal officer of Swiss crypto exchange Bitcoin Suisse, pointed out during the German Blockchain Week that the stablecoin regulatory frameworks of the EU and Switzerland still have obvious flaws. Märkl said that although the EU's Markets in Crypto Assets Regulation (MiCA) provides a unified regulatory framework for the issuance of stablecoins, the rapid evolution of crypto assets has led to dynamic changes in classification standards, and overseas issuers must strictly follow the MiCA licensing system.

Regarding Swiss regulation, Märkl criticized the current rules for imposing KYC responsibilities on issuers and requiring the identity information of each holder to be known, which is "unreasonable". He admitted that the Swiss Distributed Ledger Technology Act laid a good legislative foundation, but four years later, there are still loopholes in stablecoin regulation, and a more friendly rule system is urgently needed.