Bitpace CEO: US Crypto Shift Fuels Global Trust
Speaking to FinTech Magazine, Bitpace CEO Anil Oncu discusses how recent political developments in the United States are transforming the global cryptocurrency landscape and creating new opportunities for digital payment solutions.
The US has emerged as the leading force in the cryptocurrency world, with recent political shifts providing support for digital assets.
"The US is the leading country in the crypto world, so regulatory clarity in the US is bringing confidence on a global level," Oncu explains. "Political support in the US is bringing trust in cryptocurrency, and stablecoins are recognised now."
This shifting regulatory environment represents a significant milestone for the industry. Oncu, whose company has operated in the market for almost seven years, believes that while new regulations like MiCA may initially create complexity, they ultimately serve the sector's long-term interests.
"I think the world needs some strong regulations in cryptocurrency," he states. "At the beginning, in the short term, I accept that this brings complexity. But in the long term, after all these institutions are in place, when they have this confidence in cryptocurrency, it'll be easier for companies like us to access these broader institutions."
Real-world payment solutions
The practical benefits of cryptocurrency-based payment solutions are becoming evident in international commerce.
Oncu describes how his company serves a client in Mali who needs to make payments to suppliers in Germany. The client sells toothpaste, shampoo and similar products across multiple shops in Mali.
Using traditional payment methods, the process involves converting local currency to euros and transferring funds to Germany.
"In the traditional way you convert the local currency to euros, then you send it to Germany. It takes days - if there are holidays, it can take longer - and the fees are high, from 1% to 7%," Oncu explains.
Bitpace offers an alternative approach that demonstrates the practical advantages of digital assets. "We support our client with local collections - we collect in local USDT, then send it to Germany through our European entities," Oncu states.
"Then we convert it to euros and make the payments to the client's account in euros. It takes one to 10 minutes and the fees are almost nothing."
"The US is the leading country in the crypto world, so regulatory clarity in the US is bringing confidence on a global level"
Regulatory framework benefits
The introduction of comprehensive regulatory frameworks, particularly MiCA in Europe, is creating a more structured environment for cryptocurrency businesses.
While acknowledging the initial challenges these regulations present, Oncu sees them as beneficial for market development.
The combination of stablecoins gaining recognition and clearer regulatory guidance is creating favourable conditions for the sector. "MiCA definitely helps. It brings stability, low volatility, and low fees," Oncu says. "All of these stablecoins are gaining this confidence in the market."