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99Bitcoins Exclusive: Zodia Markets Co-founder Nick Philpott Says, “If you wait for the regulator, you’ll have no innovation at all”
- Nick Philpott, Co-founder of Zodia Markets, emphasizes the importance of not waiting for regulators to drive innovation in the digital asset trading industry.
- He believes that most regulations can be simplified to basic principles of honesty and integrity.
- Philpott criticizes the restrictive nature of some regulations like Markets in Crypto-Assets (MiCA) as potentially hindering global opportunities.
- He points out the success of stablecoins like USDC and Tether, highlighting their international nature and the limitations of rigid regulatory frameworks.
- Philpott mentions the challenges faced by the EU in adapting to the global digital asset market and the dominance of stablecoin volumes in non-Euro currencies.
- He advocates for better interoperability in cross-border payments, citing the inefficiencies and limitations of traditional cash systems.
- Philpott discusses the utility of stablecoins in reducing remittance costs and facilitating cross-border trade in a more efficient manner.
- He questions the practicality of central bank digital currencies (CBDCs) for cross-border transactions due to complexity and the sheer number of currencies involved.
- Philpott highlights the need for technological advancements to bridge the gap between traditional banking systems and digital asset markets.
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