Grayscale, the world’s largest digital asset manager, plans to grow its presence in Europe, with $30 billion in assets under management.
Grayscale Chief Executive Officer Michael Sonnenshein stated that the countries and exchanges with which they will collaborate have yet to be determined. Sonnenshein told Bloomberg on Tuesday, April 26 that he is now in discussions with local partners about the timing. Pilot tests in local marketplaces are also on the table for the digital asset management.
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Grayscale, on the other hand, will encounter stiff competition in Europe. More than 80 exchange-traded crypto products have already been launched in Western Europe, with more than $7 billion in assets under management. ECB officials, on the other hand, are asking for tougher rules in the ‘wild west’ crypto industry. Grayscale is already gearing up for a fight with the Securities and Exchange Commission of the United States. Grayscale Bitcoin Trust (GBTC) is in conversion to a spot Bitcoin ETF.
In Europe, stricter crypto regulations are on the way
The European Central Bank’s officials are nonetheless concerned about the widespread use of cryptocurrencies. Francois Villeroy de Galhau, a member of the French Governing Council, stated on the subject:
“Unregulated crypto would mean regression and turning back to private fragmentation.”
” This is really the last thing we need in our world.”
Digital assets are “creating a new Wild West,” according to Fabio Panetta, a member of the European Central Bank’s executive board. He went on to link the current scenario to the subprime mortgage market, which was the catalyst for the global financial catastrophe in 2008.
Simultaneously, the ECB is working to bring the Digital Euro CBDC to market by the middle of this decade. According to Francois Villeroy, banks should innovate while also contributing to crypto legislation.
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