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The recent approval of Bitcoin ETFs in the US has brought both excitement and challenges, as bad actors seek to exploit the hype for illicit gains. Marina Khaustova, COO of Crystal, a blockchain analytics firm, shared her insights into the evolving landscape in an interview with Crypto Briefing.
The approval of Bitcoin ETFs further accelerated demand for Crystal’s products, particularly from traditional companies seeking to ensure compliance as they enter the crypto space.
“And there’s no way for any traditional financial company right now to explain to their board of directors that we should not take digital currencies, because probably it’s a scam. Not anymore,” said Marina in a interview at Paris Blockchain Week.
Marina noted that while there was a pause in activity among American customers during the crypto winter, demand from the APAC region remained strong throughout.
Crystal, which has been serving customers for the past five years, provides analysis software to help companies understand and mitigate risks associated with operating in the digital asset space.
“Every builder, every company operating in digital asset space has to be concerned about how protected they are from internal risks, how well the solution is built, how well the security is established, and also, like, who they interact with,” Marina explained.
Crystal has seen a steady growth in demand from APAC customers, and with the appointment of former Ripple Director, Navin Gupta as CEO, they are now better equipped to support clients in the Middle East and North Africa (MENA) region as well.
“Having Navin Gupta joining us brings incredible experience to us because we are transforming from a startup to scale up and we’re serving now as an enterprise,” Marina noted. “I’m super grateful that we’re having right now such experience, such a senior person as Navin with us.”
When asked about the best jurisdictions for crypto businesses in terms of regulations, Marina highlighted the challenge of crypto being a cross-border phenomenon. Initiatives like the Markets in Crypto Assets (MiCA) regulation in Europe are seen as positive steps towards simplifying coordination within territories.
“Introducing MiCA as a general anti-money laundering effort is very good because it just simplifies all this coordination within a big territory comprising many countries together,” Marina explained.
Looking ahead, Marina believes that while a global standard…
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