Regulation, innovation, and the future of DeFi: An interview with Bitclear’s Evgeny Skigin

Bitclear’s co-founder Evgeny Skigin shares insights on regulation, innovation, and the future of decentralized finance.

In 2018, Forbes published its first ranking of the world’s wealthiest crypto holders. But four years earlier, investor and entrepreneur Mr. Evgeny Skigin had already built a unique software solution for payment systems — becoming a pioneer in a niche no one knew existed. 

Since then, the crypto and blockchain space has rapidly evolved, with a surge in decentralized protocols and web3 services. Today, even major corporations, banks, and governments are racing to develop their own digital currencies.

We spoke with Mr. Evgeny Skigin, shareholder of Bitclear, about the speed of crypto market development and whether the world is truly ready to adopt Bitcoin as a global reserve currency.

Evgeny, let’s start with your current role at Bitclear. What’s your position today, 11 years after the project launched?

Until 2020, I served as CEO of the company. Today, we have a new CEO, and I am the sole shareholder after buying out my partner’s stake.

So you initially launched Bitclear with a partner?

Yes, he had expertise in payment systems, which was crucial in helping us build the core software.

Do you remember the moment you came up with the business idea — when you realized this would become more than just a crypto exchange?

Absolutely. It was back in 2014, and hardly anyone knew what Bitcoin was, let alone how it would transform global financial systems. My investor instinct told me this was the moment to act. So that’s when we started.

What was the original concept behind Bitclear?

We built software that allowed Bitcoin to function as an independent payment system. Say you’re on an e-commerce site buying socks for $2 — normally you’d see Visa, MasterCard, American Express, PayPal. We added Bitcoin as a payment option. That’s still the foundation of our service today.

So you developed software for online marketplaces and stores?

Not exactly for them directly, but for the aggregators — payment service providers who integrate systems for businesses. We sell our product to these providers, allowing them to offer crypto payments to their clients.

How has the product evolved over the past 11 years?

In the beginning, it was experimental. Users weren’t familiar with crypto payments and weren’t ready to trust them. And we had no idea how to sell it. Blockchain was in its infancy — you’d have to manually enter code in a terminal to execute a transaction. Very rudimentary. But we learned a lot. Initially, we only supported Bitcoin. Now, we can integrate virtually any cryptocurrency requested by a client.

Many startups face challenges with licensing and legal setup. How did Bitclear navigate that?

We started in Denmark, later moved to Malta hoping for a more favorable legal framework — but it proved even more complex. Eventually, we relocated to Liechtenstein, which has some of the most advanced crypto regulations. There, we obtained licenses for both crypto trading and broader business operations.

So Bitclear operates fully legally?

Absolutely. By 2018, it was clear to me that serious players would only enter the space once there was a well-defined regulatory framework. Without regulation, the market would turn to speculation — and collapse.

Have you been involved in shaping crypto regulations?

I work with a group of experts on regulatory committees. We help lawmakers understand what blockchain enables and where state-level protection is necessary. Based on that, regulations are drafted.

Over time, you must have seen both the strengths and limitations of crypto. Would you call Bitcoin the best form of money today — and a potential replacement for the dollar?

It depends on how we define money. From a technological standpoint, Bitcoin, or to be even more precise, the blockchain, is the most effective tool ever created for storing and transferring value. But as a currency, as of today, it lacks the stability required — its volatility is too extreme. 

Stablecoins are a step forward, being tied to fiat currencies and offering more predictability. Some are even backed by gold, which is also an interesting model — digital transactions backed by physical assets.

So crypto is forming its own financial ecosystem?

Yes. Crypto was ahead of its time — meeting the need for individual financial freedom: storage, transfer, and control of one’s own money. We’re now entering a critical moment for crypto. 

Banks are tightening restrictions — making it harder to withdraw or deposit cash, and scrutinizing every transaction. While tracking is necessary to prevent terrorism and money laundering, arbitrary bank freezes harm individual rights and businesses. In contrast, crypto enables lower-risk global trade. What we need is an open financial system that drives innovation.

As an investor, did you immediately see where the market was heading?

Interestingly, at the time I launched Bitclear, I was also building a traditional business in the agricultural sector — real production, logistics, supply chains. You see movement and volume in real time. Meanwhile, in crypto, it’s just a laptop — you build a product, connect with a client, and can go to sleep while your system earns revenue overnight. It’s a bit frightening how much easier it is to scale digital over physical.

Many startups today are launching their own tokens. What’s your take on this trend?

First, let’s clarify. Coins are built on their own blockchains (e.g., BTC, ETH, XRP, SOL) while tokens are built on existing platforms and offer functionality — voting rights, membership access, governance, and more. They don’t always carry intrinsic monetary value. While many companies explore tokens, we don’t see that as a direction for our business.

Do you plan to go public via IPO?

No, that’s not in our plans. ICOs (Initial Coin Offerings) differ from IPOs. IPOs involve regulated securities and offer investor protections. ICOs, on the other hand, are often unregulated and open to abuse. That lack of oversight attracts bad actors, making it risky for users. We don’t support that model.

Looking ahead 2–3 years, how do you see Bitclear evolving? Will you be expanding the product’s functionality?

Definitely. Initially, our model catered to funds and individuals seeking passive income through crypto under trust management. Now, we’re entering the B2C market in Central America with a white-label infrastructure solution — businesses can use our tech under their own brand, while we manage the backend.

Will clients be involved in the operational side?

Yes. We’re developing a mobile app that allows real-time monitoring and transactions from anywhere. An MVP will be launched soon so users can test the interface and features. We’re also working on a Bitclear payment card — similar to Visa — that will allow users to pay with crypto anywhere.

Aren’t crypto cards already available?

They are, but the existing ones are still quite raw and not widely usable. We already had the idea in 2020. However, we decided to postpone the project due to capacity restrictions.

Will you be expanding your team? You’re currently positioned as a boutique firm, right?

Exactly. After running a large-scale agribusiness with a huge staff and complex logistics, I now prefer a lean team. We’re just 10 people — developers, legal, operations. That’s enough for us right now.

Is your team international?

Our developers work remotely from Poland and Spain. Many of them have never met in person. Poland has an excellent university for software engineering, by the way. We strive to look for talent no matter where it comes from. Being in IT makes this possible.

Have developer salaries increased with demand?

Absolutely. Tech giants are investing heavily in launching their own cryptocurrencies and need top blockchain talent. Salaries for blockchain engineers now rival those of AI specialists.

With all this corporate interest, where is the market heading?

More and more individuals want to hand over their crypto assets to professionals, but without giving up custody. Transparency is key, especially after so many people have fallen victim to fraud. That’s why regulation and security are critical to the future of this market and why we have focused on building a company that is trustworthy, competent yet agile and flexible.