As the US advances stablecoin legislation whilst MiCA creates the first licensed players in the EU, should multinationals focus on regulatory arbitrage or build universal compliance frameworks?
Anthony Yeung, CCO at CoinCover Universal legislation would be ideal, but is unlikely, and stark differences are already emerging in how jurisdictions view and attempt to control stablecoins.
Traditionally, multinationals have operated under the rules of the most stringent regulator, on the basis that if that regulator is satisfied, jurisdictions with less stringent requirements would also be likely to be satisfied, a form of universal compliance framework.
Given the differences in how regulators are approaching stablecoins, however, this approach is not likely to work. Certain elements, such as KYC and AML provisions, are well established, well understood, and readily applied universally across jurisdictions.
Retno Widuri, Head of Crypto, at Unlimit Regulatory arbitrage is short-term thinking. While the US has significantly advanced stablecoin legislation this year, and MiCA has created the first licensed players in Europe, businesses need to make sure that they t hink long-term.
Multinationals can’ t afford to navigate a patchwork of regulatory frameworks – they want clarity and certainty. Universal compliance is the foundation for scale, giving businesses confidence to expand across borders without constantly reworking their approach for each market.
Trust is a global asset – it’ s a language everyone understands. Regulatory arbitrage may win you a quarter, but only a universal compliance standard will win you a decade.
Jeremy McDougall, Strategic Solution Consulting Director at ACI Worldwide Rather than pursuing regulatory arbitrage, multinationals should focus on building universal compliance frameworks that enable interoperability and futureproof their operations. If we look at AI, which quickly moved from unregulated uncertainty to mainstream adoption, stablecoins are likely to follow a similar trajectory as safeguards catch up.
Institutions that build flexible infrastructure and orchestration capabilities now will be better positioned to adapt to evolving regulations across jurisdictions. The goal should be to integrate new forms of digital money seamlessly, ensuring payments remain inclusive, accessible, and compliant globally.
68 November 2025