News • 4 min read
By Sophie Nicolas
Bitpanda co-hosted an event with the Digital Asset Association of Austria which saw a book presentation by Christian Steiner, followed up by a panel discussion with industry experts from the FMA, UBS, and DAAA plus our own CLO Carina Wolf. In case you missed it, here’s a summary of the evening.
On the 25th of November, Bitpanda co-hosted an event with the Digital Asset Association of Austria which saw a book presentation by our own Regulatory expert Christian Steiner, followed up by a panel discussion with industry experts from the FMA, UBS, and DAAA plus our own CLO Carina Wolf. In case you missed it, here’s a summary of the evening.
After the book presentation, we held an informative and lively panel discussion with Carina Wolf, chief legal officer at Bitpanda, Christa Drobesch from FMA, Oliver Stauber from Vorstand DAAA and Phillip Harsdorf from UBS Austria.
The topic of the discussion was: Regulation without hindering innovation: How can we achieve this? And we’ve summarised the most important take-home points.
AML is an important first step towards regulation
Carina started the discussion by talking about the precise interpretation of regulations. At the end of the day, she says, it has to be the best solution for the customers, not the business.
The need to discover new assets is there; banks have to improve
Philipp says cryptocurrencies are currently a main focus point for banks right now but they are subject to regulatory issues. Contrary to the popular argument that cryptocurrencies are used for illegal trading, Phillipp states that money laundering actually plays a minor role in cryptocurrencies.
Oliver Stauber from DAAA says Fintechs are doing a better job than banks
Thecrypto scene has expanded over the past few years and FinTechs are now fierce competitors to financial institutions. The services of the banking world do not meet the current needs of the users. He concluded FinTechs do much better in this area, however there is a mixture of self-responsibility and regulation that is absolutely necessary for FinTech success.
In conclusion, the outcome of the talk was that of course, banks are aware of the needs to adapt. However, they prefer to work alongside FinTechs than against them. From a regulatory perspective, there is a long way to go and the industry is still in its infancy. We’re still a long way from paying for our coffee with Bitcoin in Austria - but we’re in a great place to get started.
More information with detailed analysis can be found in Christian Steiner’s book (Sorry English speakers, available in German only!).
If you are interested in the book, you can buy it here.
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Bitpanda GmbH ve grup şirketleri (Bitpanda) Türk Parasının Kıymetini’nin Korunması Hakkında 32 sayılı Karar’ın 2/b maddesine göre Türkiye’de yerleşik sayılan hiçbir kişiye yönelik olarak 6362 sayılı Sermaye Piyasası Kanunu başta olmak üzere Türkiye Cumhuriyeti Devleti mevzuatı hükümleri gereği Türkiye’de faaliyet izni gerektiren hiçbir sermaye piyasası faaliyetine dair hizmet sunmamaktadır. Şayet Bitpanda’nın yabancı sermaye piyasalarında vermiş olduğu hizmetlerden Türkiye’de yerleşik kişilerin faydalandığı tespit edilecek olursa tüm zararları kullanıcıya ait olmak üzere bu hizmetler ivedilikle sona erdirilecektir.
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