MiCA, or Markets in Crypto-Assets (MCA), is an innovative framework in the rapidly evolving world of digital finance. It is poised to transform the regulatory climate for digital assets. MiCA, with stablecoins on the rise and crypto adoption accelerating in mainstream, presents both challenges and opportunity for fintechs, banks, and stablecoin providers.
Anastasija Plonikova, in an exclusive interview with DeFi, explores the impact of MiCA and its ripple effect on global policy, cross-border transactions, as well as DeFi Integration. She explores the strategies firms can use to adapt when faced with stricter regulation and how MiCA allows traditional banks thrive.
Plotnikova emphasizes the increasing importance of collaborations with TradFi, and also highlights potential implications for startups. This conversation provides a holistic view on how MiCA can influence the future financial landscape as digital assets and compliance technology converge.
Anastasija Plotnikova Interview Fideum CEO & Co-Founder
What impact does MiCA have on global regulations for digital assets outside the EU?
Anastasija Plotnikova
Our industry’s history has been defined by two main philosophical currents. One side believes that cryptocurrency should not be touched, because it is a system for value storage and transactional transactions which are incompatible with traditional financial systems. There is also the belief that regulation and protection are necessary to mainstream digital assets and protect individuals and businesses who engage with them.
With the mainstream adoption of crypto—particularly stablecoins gaining momentum—regulators worldwide have increasingly turned their attention to this rapidly evolving asset class. This increased scrutiny stems from the fact that crypto is traded 24/7/365, has a borderless nature, as well as the controversy surrounding Diem, Facebook’s Stablecoin.
These factors are at play when we examine the EU’s and the global regulators. Fintechs have a high level of resilience, efficiency, and adaptability by their nature. We’ve already seen that they are able to adjust both locally and globally.
As the MiCA is implemented and more countries introduce comprehensive legal frameworks like Turkey and jurisdictions that are regulated strictly, such as UAE, Canada, or Hong Kong, it becomes increasingly apparent how much burden the crypto industry faces in terms of administrative and legal issues. The impact of these developments is already being felt by a variety of businesses in the crypto sector. I would say that they will shape future operations for the entire industry.
This makes it clear that licenses will only be granted to firms who have a good reputation and are well-funded. And this does lead to some unintended consequences when it comes to competition, potentially stifling innovation and creating barriers to entry—for many firms, it is becoming cost-prohibitive. Were we to push crypto-startups too far and force them to close down? Were we to see bigger firms snatching up the IP and users of smaller companies? My guess is we will most definitely see M&A activity picking up in the upcoming quarters.
In the context of MiCA, which are stablecoins’ most important challenges and potentials?
Anastasija Plotnikova
In order to offer a stablecoin within the EU, an issuer must first be registered with either an electronic money institution or a credit institution. Theoretically, we now have an enormous pool of issuers capable of launching and operating regulated stablecoins as long they adhere to the MiCA’s prudential requirements. Stablecoin payments are growing quarterly and, historically, they have become de facto CBDCs—global, almost instant payments at a fraction of the cost—with the key distinction that they are not issued by central banks.
This demand was directly a result of market demands for international transactions and settlements. “stability.” As the issuers now are strictly regulated I expect to see two things:
Demand for USDC/USDT will continue to grow, however, the domestic stablecoins (aka European) will not be as popular.
As long as there are enough liquid assets and the intercontinental trading is increasing (currently, this trend is happening globally), stablecoins can be a useful tool in transactions for both individuals and business.
TradFi is a great option, but Stablecoins are a better solution. They solve the problem of international payments in FX.
The relationship between DeFi and regulated stablecoin issuing institutions becomes much more complex. For example, as a financial institution, there is often no appetite for risk or tolerance to true DeFi. I do not expect any meaningful activity on the DeFi side from regulated entities in the upcoming 18–24 months. What will be their direct interaction with DeFi? They will they allow their clients to interact in DEXes and LPs?
These entities are expected to be very close with the regulators in order to determine what is acceptable before they can adopt and embrace it.
What are the strategies that traditional banks use to integrate blockchains and digital assets into their strategy while still complying with MiCA?
Anastasija Plotnikova
MiCA is a cousin of MiFID, but it has a lot more regulations. This puts traditional banks at an advantage. MiCA is like a cousin of MiFID, and currently, banks are under a much heavier regulatory regime—all the “new” MiCA requirements are present in some form or other in the TradFi.
Moreover, banks possess the necessary resources for compliance, oversight, board governance, and risk management—areas where many crypto firms are increasingly expanding their hiring efforts. There is a rising demand for banks, and especially brokerages, to adopt MiCA-compliant tech and blockchain solutions. It’s simple: Their clients drive this demand and they recognize the huge potential of this asset.
You can expect to see innovative fintech collaborations with established banks under the new MiCA Framework.
Anastasija Plotnikova
I would say SaaS to begin with—many TradFi companies will either buy ready-made solutions or acquire companies that provide them. We also have to consider the tools required for auditing, reconciliation and tracability. After MiCA, the market has expanded dramatically for crypto companies and crypto-tech businesses.
Fintech companies are under increasing pressure to comply with regulations. What should they do?
Anastasija Plotnikova
It is the era “move fast and break things” DeFi can continue to enjoy its rapid expansion and creative technological freedom. DeFi continues to be able to expand rapidly and enjoy the freedom of technology. The choices will be harder—well-capitalized entities with a solid user base and a very clear product-market fit will greatly benefit from the post-MiCA environment.
Regulators are creating friction for the user. Take the Travel Rule as an example—filling out a questionnaire before sending or receiving a transaction? It is important to note that this rule may not be popular with users, however it must be implemented in order to maintain effective AML.
Our task has become more challenging—onboarding users to the volatile environment of crypto assets, which poses its own security risks The following are some examples of how to get started: We ensure that our products look familiar and easy to use. They should not force users to move to non-compliant platforms, which do not have any KYC requirements or AML.
What is your vision of the future of Fintech at the intersection between digital assets, AI and compliance technologies
Anastasija Plotnikova
We can’t yet fully predict how the convergence of AI and compliance technology, digital assets, will transform financial markets. We’re seeing innovative solutions blend blockchain with traditional financial systems as digital assets become more mainstream. The fusion of blockchain technology with traditional financial systems is enabled by cloud-native platforms, advanced payment technologies and tokenization. Users can interact with digital assets using familiar platforms such as e-commerce and point-of sale terminals.
AI is at forefront of fintech revolution. Integrating AI in financial services enhances the customer experience as well as operational efficiency. AI-driven products improve fraud detection and customer service. Machine learning algorithms help financial institutions make better decisions.
The fintech landscape is evolving, and compliance technologies will become increasingly important. Regtech is expected to grow in popularity as the regulatory landscape becomes more defined. This will especially be true in Asia and Europe. These technologies will play a key role in creating a safer environment for platforms that trade digital assets and DeFi.
Consider, for instance, Clausematch (for financial crimes), Feedzai Global (for fraud prevention and risk management), or Trunomi. Regtek Solutions concentrates on automation of data and validation processes to ensure compliance. FundRecs is reconciliation software tailored specifically for the funds sector, which addresses the regulatory needs specific to this industry.
What lessons from your experiences with blockchain in highly regulated industries such as medical cannabis can you apply to scale blockchain solutions worldwide under different regulatory frameworks.
Anastasija Plotnikova
I have found that shortcuts are not possible. The end-user is always harmed when companies try to reduce costs through the deployment of technology solutions that are not properly tested and audited, or ignore compliance requirements. When it comes to crypto assets, negligence can cause financial losses, safety threats or even suffering for humans. By ignoring AML requirements, you can show a complete disregard of the source of money, whether it is from fraud, human trafficking or any other illegal activity.
What do you think about the future of digital payments to help reduce friction, especially for those regions who are underbanked?
Anastasija Plotnikova
Regulators have nothing to do in solving the friction in areas that lack banking services. Currently, crypto assets—and especially stablecoins—already solve these problems for individuals and businesses globally. The majority of the crypto legislation that is currently being introduced comes from areas with no acute payment problems, and I don’t think it will make a positive difference to the underbanked.
Stablecoins that are cheaper and can be paid almost instantly have solved real world problems even before the regulations were in place. This is one the best use cases for DLT technology that isn’t just a hype, but a real tool to at least solve the original problem.
What do you believe embedded finance’s role will be in shaping Web3 user experiences, and how could this affect the adoption of digital assets in general?
Anastasija Plotnikova
If we look at embedded finance from our point of view, then it is a great opportunity to connect financial services with the everyday platforms that people use. In Web3, it’s about meeting users where they are—whether that’s in a messaging app like Telegram, an immersive game, or a decentralized marketplace—and making financial interactions effortless and intuitive.
The complexity of Web3 is simplified by embedded finance, which integrates services such as payments, loans or investments into platforms that people are most familiar with. Telegram bots, for example, allow users to invest or send crypto without leaving the app. This trend can turn messaging apps in to financial hubs that blur the boundaries between digital banking and social interaction. Similarly, gamers can use tokens they earn during gaming to purchase items, or instantly exchange them for money. All without having navigate through external wallets and exchanges. Web3 is made more approachable and less intimidating with this seamless integration.
One interesting development is the evolution of messaging applications. Telegram and WhatsApp, for example, are embedding increasingly financial tools to allow users send money or exchange cryptos as easily as sending messages. Because the users are familiar with these platforms, this convenience encourages them to trust you. Gamified Finance is an interesting development that combines financial activities and gaming elements in order to make saving money, investing, earning or making more fun for young audiences.
One of the biggest benefits of embedded finance for new users is that it simplifies things. By integrating fiat-to-crypto on-ramps—letting someone use a credit card to buy crypto directly in an app—platforms lower a key barrier to entry. These advancements make digital assets feel like just another part of everyday life—with the underlying tech becoming invisible—whether someone is sending money to a friend, tipping a creator, or purchasing something online.
This evolution is a game changer for users. No longer do users need to navigate new exchanges or learn how wallets work. All the information they require is available on platforms that they are already familiar with.
Altogether, I would argue that embedded finance is about creating a frictionless bridge between traditional finance and decentralized technologies—with the potential to bring digital assets into the mainstream by making them more intuitive, accessible, and practical for everyone. It’s a great opportunity for those in the digital banking industry to help shape how money is used in an ecosystem that is rapidly evolving.
Anastasija Plitnikova: Connect with her
Anastasija Plotnikova
Anastasija Plotnikova is the CEO and co-founder of Fideum Group. She represents regulatory expertise with blockchain innovation.
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