The financial industry is undergoing a profound transformation, with digital assets and cryptocurrencies reshaping traditional banking models. In this interview, we sit down with Verónica Pollak, Senior Legal Counsel at AMINA, to gain insights into her journey, the challenges of navigating the regulatory landscape in the crypto space, and her vision for the future of finance. With a wealth of experience in traditional finance and a commitment to innovation, Verónica shares her perspectives on how banks like AMINA are redefining the financial ecosystem while maintaining trust and compliance.
Dear Verónica, could you please introduce yourself and your current role at AMINA?
My name is Verónica Pollak, and I am Senior Legal Counsel at AMINA Bank AG (AMINA), where I mainly support the daily business and trading.
Prior to my role at AMINA, I held Senior Legal and a Senior Compliance roles at the Swiss Stock Exchange (SIX), where my main contributions were the post-acquisition and integration processes of the Spanish Stock Exchange (BME) and REGIS-TR for the CRO area.
Before joining SIX, I acquired Swiss banking experience at Credit Suisse as Legal Counsel for Structured Products, preceded by experience in projects in other Swiss banks in the Legal & Compliance fields.
What inspired you to transition from traditional finance to the cryptocurrency and digital asset space, particularly from a legal counsel’s perspective?
The challenge to bring my international expertise – predominantly dealing with various stakeholders across jurisdictions under pressure – to the next level and to further develop myself into a fast-evolving environment, in particular in regulatory and market-product fields, which to me represents the expansion of the financial sector.
What are the most significant regulatory challenges you encounter working at a bank like AMINA?
AMINA is a pioneer in its focus and business model as a Swiss licensed bank and securities dealer in the crypto space. I would say that the main challenge is to balance the business demands with the regulatory landscape, being both in a dynamic environment.
Some jurisdictions are more open to digital assets in general, while others are not; the former approach is currently changing. Therefore, it is key to permanently review the regulatory requirements to ensure a linen adherence to them. Understanding the regulatory environment and complying with it is the way to secure our strategy, reinforce our market presence, and keep the trust of our clients.
How do you envision the regulatory landscape for crypto banking evolving in the next few years?
I believe digital assets, particularly crypto assets, will increasingly be viewed as an alternative asset class that expands the existing investment universe and help us to build a diversified, strong portfolio.
I am very optimistic about the implementation of the European Union’s Markets in Crypto-Assets Regulation (MiCAR) in January 2025 and the industry’s adherence to it for improved regulatory operability. I am also positive about the upcoming strategies in the crypto field that the United States aims to implement, and I observe the market’s positive expectations and reactions, such as price movements.
The US is a key player, and the existing investment landscape might become more challenging and exciting as of January 2025 worldwide.
What has been one of the most rewarding moments of your career in the crypto banking industry so far?
One of the most rewarding moments has been understanding and balancing complex requests from the trading floor and business. For instance, regarding distribution agreements or specific credit and OTC derivatives orders – to successfully negotiate them with the relevant parties, and to provide legal advice that satisfies the demands of the involved parties.
In your view, how are banks like AMINA, with a strong focus on crypto, shaping the future of finance?
Crypto is the triggering force for the beginning of a new era in the financial industry. AMINA recognized this development at an early stage, identifying the market opportunity and the need to provide services in a field not covered by traditional banks, where clients require certainty about their assets being held in a fully regulated and trusted environment.
Disclaimer: The views expressed in this column are those of the interviewee and do not reflect those of AMINA, its related entities or affiliates.
https://info.aminagroup.com/disclaimer-authors
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