Dear Globitex Community

Here are some quotes by our CEO Uldis Teraudkalns in a recent article by Emma Olson on bobsguide.com. "I think we can see already quite clear distinctions between at least two types of trends. One is 5AMLD is here, so we have to leave… And the second trend is companies embracing this and realising it’s a big opportunity for credibility," says Uldis Teraudkalns, chief executive at Globitex, a fintech that provides IBAN current accounts to crypto businesses with access to crypto exchanges.

Despite great strides being made in the regulation of crypto assets, some market participants question the ability to ever fully govern cryptocurrencies. Teraudkalns points to the fact that some key aspects of crypto have evaded regulation and will continue to do so. The decentralised aspect of blockchain’s distributed ledger technology (DLT) makes it notoriously difficult to regulate.

According to Teraudkalns, cryptocurrencies will coexist with fiat in a fragmented system.

"I see a fragmented future with many fintech service providers and many crypto providers. I just see multiple ecosystems coexisting: big companies having tokenised their products and you as a consumer having a wallet with possibly hundreds of different tokens like you used to have 100 different loyalty cards. So I think these different systems can coexist quite positively," he says, pointing out the fact that bigtech may also move into the space, as seen with Facebook's stablecoin Libra.

You are welcome to read the full article at: https://www.bobsguide.com/guide/news/2020/Mar/3/report-crypto-industry-divides-over-5amld/