According to ChainCatcher, Patrick Hansen, Senior Director of Strategy and Policy at Circle, analyzed that EU banking regulation provides significant competitive advantages for crypto companies, while their American counterparts face regulatory uncertainty.
The report indicates that the EU promotes innovation in the financial sector by non-bank payment service providers through legal frameworks such as the Electronic Money Directive and the Payment Services Directive. Recent regulations like the Instant Payment Regulation and Payment Services Directive 3 have expanded non-bank PSP access to central bank payment systems.
In contrast, the United States faces limited bank entry due to the lack of a unified federal regulatory framework, hindering industry development. Data shows that Europe has 55 crypto-friendly banks, far surpassing North America's 23. Hansen pointed out that the EU's coordinated regulatory strategy provides important support for the crypto and fintech sectors, reducing regulatory uncertainty.