The CEO also commented on regulation, claiming, “Most regions and countries are looking into regulating crypto. The key risk here is around ensuring regulations are smart and they foster a level playing field.”

He noted how a crypto service provider wanting to do business in Europe must register with each country separately as a virtual asset service provider (VASP), and that each country has its own requirements.

However, the introduction of the European Comission’s MiCA (Markets in Crypto-Assets) proposal, which will come into effect over the next 1-2 years, will mean that there will be one country where you can establish your activities as MiCA-compliant, and then carry out these activities across other European countries. This will help provide a holistic framework for the crypto industry in Europe.

MasterCard’s plan to integrate crypto could be an eye-opener for its competition like Visa, who may follow in MasterCard’s’ footsteps, in order to lead the payments industry in this sector.