Updated on:11/28/2025 05:19 PM 
In a recent pre-pandemic discussion, CryptoSlate spoke exclusively with Mariana Gospodinova, the General Manager for Europe at Crypto.com. The conversation covered the company's strategic roadmap, emerging market trends, and the profound impact of stricter regulatory frameworks, such as the Markets in Crypto-Assets (MiCA) regulation, on the crypto industry's trajectory across Europe.
Crypto.com is a prominent platform enabling users to seamlessly spend their cryptocurrency on everyday goods and services through a highly accessible medium: a VISA debit card. Gospodinova elaborates on this consumer-focused approach:
“Our core focus is the retail user and delivering a service that is instantly recognizable and familiar. You don't need to teach someone how to use a VISA card, or even a mobile app in most cases. The core concept is to make using crypto as intuitive as spending fiat currency, eliminating friction for the end-user.”
She further notes that this model removes the steep learning curve associated with digital assets, as users aren't required to understand the complexities of private keys, wallet management, or other technical aspects that can seem intimidating to newcomers.
“We aim to humanize the crypto experience, bringing a broader audience into the ecosystem. Our mission is to place cryptocurrency in every wallet, and the most effective way to start is by building on a foundation of trust and familiarity.”
Addressing security concerns, Gospodinova explains that while user funds for transactions are held in a centralized hot wallet, Crypto.com maintains 100% of corporate assets in cold storage. The company pre-funds all hot wallet transactions to mitigate risk.
“Users aren't exposed to the risks typically associated with hot wallet storage; we utilize institutional-grade cold storage solutions. A significant concern for many is moving assets from cold storage, but all of Crypto.com's assets are held 100% in cold storage. We are also the first crypto company to achieve Level 3 CCSS certification and ISO 27001 certification across all our platforms.”
Beyond its crypto-backed VISA cards available in the U.S., U.K., and Singapore, the company offers a comprehensive suite of financial products, including high-yield savings accounts and crypto-backed lending facilities.
Spending crypto via a card that converts it to fiat sounds incredibly convenient. But what is the actual user behavior? Data from just before the 2020 market rally indicated that around 42 percent of all Bitcoin hadn't moved on-chain in over two years.
Gospodinova concedes that not every user is looking to spend their digital assets. User segments, she notes, are highly diverse.
“Hodlers, for example, are definitely not selling right now, but they might be interested in taking out a loan against their holdings. On the other end of the spectrum, we have newcomers who may have received a digital asset and are unsure what to do with it, or they simply need to liquidate it for cash. We also see a segment that acquires stablecoins specifically for everyday transactions.”
Instead of holding traditional fiat currencies in bank accounts with negligible or negative interest rates, this allows them to maximize the utility of their assets. They can earn up to 18% interest on their stablecoins or benefit from superior liquidity through near-instantaneous transactions, bypassing the multi-day wait times for traditional bank transfers.
Derivatives are rapidly gaining traction in the digital asset space. What is Crypto.com's stance on this, and do they have plans to enter this increasingly competitive field? Gospodinova agrees that crypto derivatives are poised for significant growth in the coming years. However, she emphasizes that this growth runs parallel to increasing regulatory scrutiny, which may not always be harmonious.
She confirms that Crypto.com is developing an exchange tailored for institutional clients. “Obviously, to attract institutional clients, you need more than just fast APIs and deep liquidity. You have to offer derivatives and a wider range of sophisticated financial instruments. This is a space we are actively exploring for our future roadmap.”
“The asset management space is becoming intensely competitive and increasingly attractive. It's certainly going to expand. Success, especially here in Europe, hinges on how well you understand the regulatory landscape and how efficiently you can secure the necessary licenses. This is a highly regulated market, typically accessible only to certified investors.”
She cautions that while exchanges act as intermediaries, the accessibility of advanced trading tools like leverage has led to significant losses for some inexperienced traders.
“All of a sudden, they gain access to leverage trading, and the potential losses they can incur are substantial.”
“Currently, Europe is becoming highly regulated, particularly concerning any form of investment services under the MiCA directive,” she explains. “Most likely, crypto exchanges will need to comply and obtain investment services licenses to offer any kind of leveraged trading to users. This isn't fully enforced yet, but I expect this to be the direction Europe is heading, especially as ESMA (the European Securities and Markets Authority) has firmly announced its intention to establish a pan-European governance framework for crypto investments.”
This follows the precedent set by Germany's BaFin, which has classified virtually all cryptocurrencies as financial instruments. “It's not just a few assets,” she adds, “it's about 99% of them.” This means that anyone facilitating the trading of these assets will require a license. “This is a reality that all companies will have to address, depending on the jurisdictions in which they operate.”
Apart from heightened regulation, Gospodinova anticipates a resurgence in STOs (Security Token Offerings), as companies now have a much clearer understanding of the compliance requirements. STOs were the buzzword of 2019, but she believes their initial failure was due to the industry being “too early and too hasty,” underestimating the timeline for a highly regulated product to come to market.
She remains bullish on the future of the space, believing that clearer regulatory guidelines will ultimately be beneficial for established players. However, she acknowledges that this shift will inevitably consolidate the market and weed out less compliant firms. Gospodinova concluded:
“Europe is setting a clear direction for the future of crypto. While it may present obstacles like obtaining licenses, at least you know the destination. This clarity makes strategic planning significantly easier.”
