Galaxy Digital Eyes Crypto Expansion in Europe, Names First Head of Europe

US billionaire Mike Novogratz's crypto group Galaxy Digital is expanding into Europe after a crackdown by US regulators sparked a search for more friendly jurisdictions.

The group has appointed Leon Marshall, a former executive at crypto broker Genesis, as its first head of Europe. His aim is to build a regional operation from London while rivals retreat in the face of the sustained downturn in digital asset prices.

Marshall said that European progress in building legal frameworks for trading digital assets had been a crucial factor in its decision.

Earlier this year the EU passed its sweeping Mica crypto regulation, aimed at providing guardrails for the industry and protection for investors. Under prime minister Rishi Sunak, the UK is also vying to become a crypto hub.

The moves contrast sharply with the US, where crypto rules are fragmented and regulators have clamped down aggressively on the market, filing a string of charges against top exchanges, including Binance and Coinbase.

"The European market demand that we're seeing, combined with the regulatory framework established by Mica, is robust," Marshall said. "That makes Europe a desirable destination for crypto firms to build and grow," he added.

(Source: Financial Times)