Interview With Paybis CBDO Konstantins Vasilenko

The cryptocurrency industry has undoubtedly grown tremendously in the past couple of years, but as much as this validates its merits and potential, it also brings up critical questions. What’s next? Where will the next high-growth regions for crypto adoption be? What is the next challenge that we tackle?

Parallels with traditional finance are already being drawn but where is the fine line? Is crypto becoming a tech-savvy iteration of TradFi or is there much, much more to it?

In this conversation, Konstantins Vasilenko, CBDO at Paybis, tackles some of the more interesting topics around regulatory barriers, lessons learned, and what’s next.

Where do you see the next high-growth regions for crypto adoption?

Central and southern Asian countries like India, Vietnam, and the Philippines will most likely drive the next phase of crypto adoption. They have a strong remittance market, high mobile and internet use, and young, tech-savvy populations. African countries like Nigeria and Kenya also have high potential due to the high inflation rates and currency instability, making crypto assets, especially stablecoins, the perfect alternative to fiat.

Dubai, UAE, is also one of the most crypto-friendly regions that could bring massive attention to the Middle East. Dubai is emerging as a leader in the sector, thanks to its supportive regulations, high-tech environment, tax policies, and the involvement of many high-profile crypto companies. Dubai’s biggest focus is on business-to-business (B2B) adoption and financial services rather than just mass consumer adoption.

What regulatory or cultural barriers most complicate global expansion, and how do you mitigate them?

Inconsistent global regulations combined with deep-rooted financial mistrust have been acting as a major barrier against mainstream crypto adoption. For example, the US SEC has been creating room for regulatory uncertainty with its unclear policies for years. However, it’s important to note that the regulatory frameworks are still evolving, which has become a challenge for many businesses in the industry.

For instance, the largest stablecoin, Tether’s USDT, would need to obtain an EU E-Money license, establish an EU-regulated entity, and adhere to MiCA’s specific requirements to enter the European market.

To address these challenges, we focus on implementing strong AML and KYC protocols, working closely with our legal and compliance teams to ensure we meet local regulatory requirements, and prioritizing financial education to help overcome both regulatory and cultural barriers.

What lessons from traditional finance’s globalization can be applied to crypto business development?

Crypto firms must prioritize licensing to navigate regulatory challenges and avoid potential shutdowns and scrutiny. This step mirrors traditional finance’s emphasis on compliance and regulation. Localization is also key — just as banks adapt their services to different languages, laws, and customs, crypto companies must do the same to build trust and drive adoption in local markets.

Last but not least, the infrastructure needs much more scalability and interoperability to meet the requirements for mass adoption. Similar to SWIFT in traditional finance, the crypto industry requires shared rails — such as on/off ramps and standardized custody protocols — to enable seamless cross-border transactions and integrate with existing financial systems.

How do you see stablecoins evolving in 2025, and what role will Paybis play in their mainstream adoption?

Stablecoins are shifting from being just trading tools to becoming the core components of payment and remittance systems due to their wide utility, stability, and efficiency. This is why we expect this specific asset class to gain mainstream adoption.

At Paybis, we’re building solutions to help businesses seamlessly accept, hold, and utilize stablecoins without going through complex regulatory challenges. Our tools are tailored to allow diverse businesses across various industries integrate digital assets into their operations with a peace of mind.

How does Paybis balance the need for security with user experience, especially around KYC and onboarding?

Our automated KYC process balances top-grade security and seamless user experience while maintaining full AML compliance. We only ask for the necessary documents, offer live support, and avoid any extra steps. This helps us onboard new users in less than 15 minutes and keeps fraudulent actors out without frustrating our genuine customers.

We are exploring and using AI technologies to boost privacy, efficiency, and compliance for our users.

AI also helps us with detecting fraudulent patterns and automating customer support — this cuts the extra costs and improves user trust while making the platform faster, safer, and transparent without facing any regulatory issues.

How do you view the regulatory efforts during the Trump administration, and have you seen these lead to any meaningful changes or shifts in the crypto industry?

Since President Donald Trump took office, the regulatory environment for crypto has seen significant improvements. Under his administration, the approach shifted from closely scrutinizing crypto companies to fostering a more supportive ecosystem for the industry.

One of the most notable moves by the administration was the push to encourage the growth of digital assets and halt CBDC development. The establishment of a Strategic Bitcoin Reserve using seized crypto assets was also a significant step to make the United States the cryptocurrency center of the world.

The US SEC, under Gary Gensler’s leadership, scrutinized many crypto firms like Ripple. However, recently, the SEC has started easing up on leading businesses in the industry. On May 9, for example, the regulator ended its battle with Ripple with a $50 million settlement. Binance and the SEC also came to an agreement to pause their lawsuit in February.

These moves have given companies like Coinbase, Binance, and Ripple some breathing room. This not only helps in reducing uncertainty around crypto regulations, but also allows the industry to grow more confidently

With Paybis being over 10 years old, what’s the most important insight that was gained in that time about the crypto industry?

In my experience, trust can help the industry move faster than its tech. People adopt cryptocurrencies and stablecoins when it feels safe, simple, and useful, not because of the revolutionary products in the market. For Paybis, what brought loyal customers is transparency, support, and our strong compliance across different regions. We’ve grown not from flashy features or hype, but from delivering a consistent, reliable experience that people can count on.