Crypto Fills the Trust Gap: Paybis CBDO Konstantins Vasilenko on Why Digital Assets Are Winning

Trust is crumbling in traditional finance—and crypto is rushing in to fill the void. Paybis Chief Business Development Officer Konstantins Vasilenko breaks down why decentralized solutions are gaining traction where legacy systems fail.

No more middlemen, no more excuses. Blockchain doesn’t ask for permission—it just works. Vasilenko lays out how crypto bypasses bureaucratic bottlenecks while banks still debate their 'innovation roadmaps.'

Want proof? Look at adoption rates in regions with weak financial infrastructure. Crypto isn’t the future—it’s the now for millions left behind by the suits in glass towers.

Of course, Wall Street will insist they ‘always believed in the technology’—right after they finish shorting it. But the numbers don’t lie: where trust evaporates, crypto expands.

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.

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.

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.

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.

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.

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

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.