Martin Brunko, Binance’s executive vice president for Europe, said smaller cryptocurrency exchanges and startups could benefit from the EU market’s regulation of crypto-assets (MiCA).
Cointelegraph conducted a one-on-one interview with Martin Brunko at the Web Summit conference in Lisbon in early November 2022. While leading Binance’s operations across Europe, Brunko provided unique insights into the exchange’s growth on the continent and his perspective on the regulatory environment.
A European Parliament committee passed the MiCA crypto policy on October 10, which aims to create a one-size-fits-all regulatory framework for the industry in the 27 countries that make up the European Union.
Bruncko told Cointelegraph that Europe’s crypto landscape is currently fragmented, with all 27 countries in Europe having varying regulatory regimes that range from “fairly restrictive to nonexistent.” This has resulted in time-consuming and costly requirements to ensure full compliance in various jurisdictions:
“Now that’s the case and that’s why we’re really excited about MCA because it’s creating a market.”
Brunko emphasized that the current landscape has hurt smaller players looking to scale across the continent, given the costs of ensuring compliance across multiple borders.
“In principle, it’s good news for every crypto player in Europe because, again, now they can only operate in one market. To grow your business, it makes it very easy to grow your business with minimal cost.
Brunco believes that early-stage crypto companies will benefit from the law as they can focus on growth rather than legal and compliance issues.
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Europe has been a focal point for Binance, which sees the continent as one of the largest and most advanced crypto economies in the world. Given the concentration of financial innovation and leading fintechs in Europe, Bruncko emphasized that the wider region remains an important operating area for the exchange.
“Many major crypto projects have started from Europe. If you take Ethereum, it has been effectively launched in London, Switzerland and many other places. Since then, we’ve had a number of successful, impactful projects coming out of Europe.
Brunko Binance has been pushing for regulatory approval across Europe for the past year. The exchange is regulated by five European countries, including two members of the G7.