Regulatory Business Models for Integrating Crypto-Assets with Traditional Intermediaries скачать в хорошем качестве

Regulatory Business Models for Integrating Crypto-Assets with Traditional Intermediaries

Building Together – Regulatory Business Models for Integrating Crypto-Assets with Traditional Intermediaries Lecture at Vienna Blockchain Week 2025 At Vienna Blockchain Week 2025, Mario Hoessl-Neumann, General Counsel at One Trading, presents a strategic and forward-looking perspective on how crypto-asset service providers and traditional financial intermediaries can be integrated through regulatory-compliant business models. The lecture situates Europe within the current global regulatory landscape, contrasting developments in the United States and other jurisdictions with the European approach under MiCAR and related frameworks. Rather than framing regulation as a constraint, the talk highlights how Europe’s structured licensing regime enables sustainable partnerships between crypto-native firms, banks, asset managers, and other traditional intermediaries. Mario Hoessl-Neumann explains why MiCAR represents an inflection point for the European market, allowing activities that were previously difficult to reconcile, such as crypto services and traditional financial intermediation, to coexist under a single regulatory framework. He outlines where crypto-asset service providers can offer complementary services to banks and asset managers, particularly in areas such as 24/7 trading, settlement, collateralisation, and yield generation. Drawing on the example of One Trading, the lecture illustrates how distributed ledger technology enables new market structures, including fully regulated, round-the-clock derivatives trading, alternative clearing models, and modular integration with existing financial infrastructure. The discussion also addresses current limitations, including fragmented legal frameworks for tokenised securities, stablecoin constraints, and the challenges of global settlement layer harmonisation. The lecture concludes with a clear message: the future of regulated crypto adoption in Europe will be driven by cooperation, modular system design, and complementary business models rather than competition between “old” and “new” finance. This session is highly relevant for crypto service providers, banks, asset managers, regulators, legal professionals, and anyone working at the intersection of digital assets and traditional financial markets. Speaker Mario Hoessl-Neumann General Counsel at One Trading Event Vienna Blockchain Week 2025 Building Together – Regulatory Business Models for Integrating Crypto-Assets with Traditional Intermediaries 0:00 Introduction and background of One Trading 1:05 Purpose of the lecture and market context 1:51 Global crypto narrative and developments in the US 2:40 Crypto adoption, banks, and fiscal dominance 3:54 Consolidation and the role of traditional banks 4:30 Banking models, settlement, and instant asset availability 5:08 Integration of crypto assets with traditional intermediaries 5:38 Europe’s opportunity through partnerships 6:14 Tokenisation, DLT, and 24/7 settlement potential 7:00 MiCAR as an enabler for integrated service provision 7:32 From licensing competition to product innovation 8:22 Regulatory asymmetries between banks and crypto firms 8:50 Capital, balance sheet, and yield constraints 9:15 Complementary services and integration opportunities 9:43 Product innovation paths under MiCAR 10:18 One Trading’s regulated derivatives market model 10:42 Clearing, collateral, and the role of crypto assets 11:33 Limits of current EU frameworks 12:14 Stablecoins, securities, and framework interactions 12:50 Integrating crypto services into traditional offerings 13:25 Modular business models and customer value 14:04 Scaling crypto service providers through integration 14:41 Global settlement layers and legal harmonisation challenges 15:46 Positioning crypto firms within client ecosystems 16:12 First-mover advantages and network effects 16:50 Key takeaways for EU market participants 17:32 Cooperation, modularity, and operational excellence 18:19 Global partnerships and future market structures 18:52 Closing remarks and outlook 19:37 Q&A: legal harmonisation and conflict-of-law challenges